OECD: CRS automatic exchange of account information | KPMG | US
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OECD: CRS automatic exchange of account information by 100+ jurisdictions

OECD: CRS automatic exchange of account information

The Organisation for Economic Cooperation and Development (OECD) today published a new set of bilateral exchange relationships established under the common reporting standard (CRS) Multilateral Competent Authority Agreement—the CRS MCAA.

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According to today’s OECD release, the international legal network for the automatic exchange of offshore financial account information under the CRS now covers over 90 jurisdictions, with about 12 more expected over summer. The network will allow the approximately 100 committed jurisdictions to exchange CRS information in September 2018 under more than 3200 bilateral relationships that are now in place.

Read the full list of automatic exchange relationships under the CRS MCAA.

The OECD also stated that there has been a significant increase of jurisdictions participating in the multilateral Convention on Mutual Administrative Assistance in Tax Matters—the prime international instrument for all forms of exchange of information in tax matters (upon request) including the automatic exchange of CRS information and country-by-country reports. Since early May 2018, the Former Yugoslav Republic of Macedonia, Grenada, Hong Kong (China), Liberia, Macau (China), Paraguay, and Vanuatu have joined the Convention, bringing the total number of participating jurisdictions to 124 [PDF 231 KB].

In addition, the Bahamas, Bahrain, Grenada, Peru, and the United Arab Emirates have deposited their instruments of ratification. With these recent developments, jurisdictions are now completing the final steps for being able to commence CRS exchanges by September 2018.

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