OECD: Disclosure rules for advisors, CRS | KPMG | GLOBAL

OECD: New disclosure rules for advisors, common reporting standard

OECD: Disclosure rules for advisors, CRS

The Organisation for Economic Cooperation and Development (OECD) today announced the release of new model disclosure rules that require lawyers, accountants, financial advisors, banks, and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the common reporting standard (CRS) or prevent the identification of the beneficial owners of entities or trusts.

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Today’s OECD release notes that the reporting and automatic exchange on offshore financial accounts pursuant to the CRS is being implemented in over 100 jurisdictions this year. Many taxpayers that held undeclared financial assets offshore have made disclosures to their tax authorities, and this resulted in over 85 billion of additional tax revenue.

The OECD noted there are persons who, with the help of advisors and financial intermediaries, continue to try hiding their offshore assets and avoid CRS reporting. The guidelines released by the OECD today target these persons and their advisors, by introducing an obligation for intermediaries to disclose those schemes designed to circumvent CRS reporting to the tax authorities. The new rules also require the reporting of structures that hide beneficial owners of offshore assets, companies and trusts.

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