The Organisation for Economic Cooperation and Development (OECD) today released a standardised IT-format—“CRS status message XML schema”—for providing feedback on exchanged common reporting standard (CRS) information.
As explained in today’s OECD release, the first automatic exchanges of financial account information under CRS is scheduled for September 2017, and jurisdictions are now moving to put into place the required legislative, operational, and IT framework. From an IT perspective, jurisdictions will rely on the CRS XML schema for exchanging the information with each other and, in many instances, to receive information from their financial institutions.
To address errors in information to be provided through the CRS XML schema, the OECD also developed a “CRS status message XML schema” as well as a user guide that sets out the practical guidelines for using the XML schema. The CRS status message XML schema will allow Competent Authorities that have received CRS information through the CRS XML schema to report back to the sending Competent Authority, whether the file received contained any of the file and/or record errors. If errors are discovered, this will generally mean that the receiving Competent Authority is not in a position to open and use the file.
© 2018 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.