Automatic Exchange of Information - The Common Reporting Standard

Automatic Exchange of Information - The CRS

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Automatic Exchange of Information - The Common Reporting Standard

The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) to provide systematic and periodic exchange of tax residents’ financial account information between participating jurisdictions. As at 14 April 2016, 98 jurisdictions have committed to the CRS.

Under the CRS, jurisdictions obtain information from  financial institutions (FIs) and exchange that information with other jurisdictions on an annual basis. The CRS impacts a similar range of FIs as FATCA.

This document looks at how the CRS differs from FATCA and whether companies are ready for the CRS.

© 2017 KPMG Huazhen LLP — a People's Republic of China partnership, KPMG Advisory (China) Limited — a wholly foreign owned enterprise in China, and KPMG — a Hong Kong partnership, are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International.

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