The Organisation for Economic Cooperation and Development (OECD) today announced initial results of a disclosure facility for information on schemes designed to circumvent the application of the common reporting standard (CRS).
As explained in today's release, the OECD in May 2017 launched the disclosure facility for information on schemes designed to circumvent the application of the CRS. Several submissions highlighted the use of “occupational retirement schemes” (ORS) in Hong Kong—schemes allegedly intended to avoid reporting under the CRS.
The OECD today reported that Hong Kong tax authorities took action, issued relevant guidance to clarify that only certain registered ORSs are “out of scope” of CRS reporting, and were assessing whether further action was needed.
Today's release also states that the OECD is “in close contact with a number of jurisdictions” for purposes of determining whether other schemes that have been disclosed through the facility (including a number of residence by investment programs) may pose an actual risk for avoiding CRS reporting and therefore need to be addressed.
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