OECD Common Reporting Standard streamlines global processes
The Organisation for Economic Co-operation and Development (OECD), released the Common Reporting Standard (the CRS). The CRS is intended to become the new global standard for automatic exchange of financial information (covering bank accounts and other financial assets held offshore). Global implementation (like the OECD has organised on transfer pricing) of the CRS should standardise tax disclosure requirements for corporates across jurisdictions. The, on February 13, 2014, standard is based on the Model 1 Intergovernmental Agreement (IGA) in connection with the US tax and reporting provisions, commonly known as FATCA (Foreign Account Tax Compliance Act).