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.