The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014.
Its purpose is to combat tax evasion. The idea was based on the US Foreign Account Tax Compliance Act (FATCA) implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax Matters (MCAA). 120 countries have signed the agreement to implement, and the MCAA remains open for more countries to adopt.[1] First reporting occurred in 2017, with many of the rest starting in 2018.
^"CRS MCAA Signatories - 16 May 2023" (PDF).
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The CommonReportingStandard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global...
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standard ANSI/NISO Z39.23 Archived 2012-03-04 at the Wayback Machine, Standard technical report number format and creation American national standard...
Exchange of Financial Account Information (AEOI), such as the OECD's CommonReportingStandard. This disambiguation page lists articles associated with the title...
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on 29 October 2014. The automatic process is to be based on a CommonReportingStandard. Typically, a TIEA contains the following provisions: It provides...
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system for the automatic exchange of information – known as the CommonReportingStandard (CRS). The organisation also attempted to limit companies’ ability...