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Common Reporting Standard (CRS) Framework & Reporting

Common Reporting Standard (CRS) Framework & Reporting

The Standard for Automatic Exchange of Financial Account Information (Common Reporting Standard) was issued by the OECD (Organisation for Economic Co-operation and Development) and looks towards a globally coordinated approach for disclosure of income earned by individuals and organizations.

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As a measure to counter tax evasion, it builds upon other information sharing legislation, such as FATCA (the US Foreign Account Tax Compliance Act) and the European Union (EU) Directive on Administrative Cooperation.

On 22 February 2014, all G20 (Group of Twenty Leaders and Finance Ministers and Central Bank Governors) and OECD countries endorsed the CRS. To date, more than 100 jurisdictions have committed to implement the Standard, agreeing to launch the first automatic information exchanges in 2017 or 2018.

The CRS contains the due diligence rules for FIs (Financial Institutions) to follow for collection and reporting. Failure to comply involves financial
penalties under local legislation.

© 2017 KPMG Limited, a Cyprus limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

KPMG and the KPMG logo are registered trademarks of KPMG International Cooperative ("KPMG International") a Swiss entity. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. The views and opinions expressed herein are those of the author and do not necessarily represent the views and opinions of KPMG International Cooperative ("KPMG International") or KPMG member firms.

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