The Organisation for Economic Co-operation and Development (OECD) published new standards for governments to automatically exchange information on bank accounts between tax authorities on July 21.

The Common Reporting Standards (CRS) provide an insight into new formats and information that will be required under US FATCA agreements, according to industry experts.
 
FATCA intergovernmental agreements (IGAs) for many important Asia-Pacific treasury jurisdictions were included on a list of ‘in substance’ IGAs issued by the US Treasury Department ahead of withholding tax penalties due to be imposed after July 1.