OECD: Three documents aim at ending offshore tax evasion

OECD: Documents aim at ending offshore tax evasion

The Organisation for Economic Co-operation and Development (OECD) on 7 August 2015 released three documents in connection with implementation of the global standard for automatic exchange of financial account information in tax matters (referred to as the Common Reporting Standard, or CRS).

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  • The first document is the CRS Implementation Handbook (the Handbook) created to assist government officials with the implementation of the CRS. The Handbook also contains guidance that may be useful to financial intuitions in better understanding the CRS and how to implement it more efficiently.
  • The second document is the Update on Voluntary Disclosure Programmes, which suggests that countries consider launching, enhancing, or publicizing their voluntary disclosure programs to help taxpayers come into compliance before the implementation of the CRS.  The Update on Voluntary Disclosure Programmes discusses a number of design considerations and details the practical experiences of 47 countries.  
  • The final document is the Model Protocol for the Purpose of Allowing the Automatic and Spontaneous Exchange of Information Under a TIEA, which is relevant for government authorities considering an update of their existing legal framework for the exchange of information to allow for automatic exchange under the CRS or country-by-country reporting for multinational enterprise groups.    

Read an August 2015 report [PDF 254 KB] provided by KPMG International: OECD: Three documents aim at ending offshore tax evasion

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