Common Reporting Standard
The Common Reporting Standard (CRS), formally referred to as the Standard for Automatic Exchange of Financial Account Information, is an information standard for the automatic exchange of information (AEoI), developed in the context of the organisation for Economic Co-operation and Development (OECD). The legal basis for exchange of data is the Convention on Mutual Administrative Assistance in Tax Matters and the idea is based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements.
2.Multilateral Competent Authority Agreement
3.Reporting start years
4.Information to be exchanged
7.Links to updated details
On May 6, 2014, forty-seven countries tentatively agreed on a "common reporting standard": an agreement to share information on residents' assets and incomes automatically in conformation with the standard.
Until now, the parties to most treaties which are in place for sharing information have shared information upon request, which has not proved effective in preventing tax evasion. The new system is supposed to transfer all the relevant information automatically and systematically. This agreement is informally referred to as GATCA (the global version of FATCA)",but "CRS is not just an extension of FATCA". "The CRS has a much more ambitious scope, however, and modelling the standard on the FATCA rules has created problems for implementing it in Europe," complains one legal expert. A "private sector advocacy group that represents financial services and law firms" went even further in seeing a "showdown" between the two regimes.
Endorsing countries included all 34 OECD countries, as well as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore, and South Africa. In September 2014, the G20, at its meeting in Cairns, Australia, issued the G20 Common Reporting Standard Implementation Plan as part of its official resources.