In response to a mandate from G20 leaders aimed at reinforcing action against tax avoidance and evasion as well as introduce even greater trust and transparency into the international tax system, the OECD has unveiled today a new single global standard for the automatic exchange of information between tax authorities worldwide.
Developed by the OECD together with G20 countries, the standard calls on jurisdictions to collect certain account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. It outlines the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be performed by these financial institutions.
The OECD will formally present the standard for the endorsement of G20 finance ministers during a 22-23 February meeting in Sydney, Australia.
PwC will provide written commentary and host a webcast to discuss the Common Reporting Standard in the coming weeks.
OECD resources related to the Common Reporting Standard