11 de agosto de 2015

OECD publishes a Common Reporting Standard (CRS) Implementation Handbook

On August 7, 2015 the OECD published a Common Reporting Standard Implementation Handbook (Hereafter: the Handbook). According to the introduction included in the Handbook, the purpose of the Handbook is to assist government officials in the implementation of the Standard for the Automatic Exchange of Financial Account Information in Tax Matters (hereafter the “Standard”).

In a statement issued with respect to the publication of the Handbook, the OECD states that “this first edition of the Handbook provides practical guidance to assist government officials and financial institutions in the implementation of the Standard.” In the same statement the OECD states that the Handbook is intended to be a “living” document which will be updated on a regular basis.

The Handbook consists out of 3 Parts and 1 Annex.

  • Part I provides an overview of the steps required for a government to implement the Standard and the key conceptual considerations in this process.
  • Part II contains a more detailed discussion on the conceptual framework contained in the Standard, including the key definitions and procedures it contains.
  • Part III highlights differences between the FATCA IGA and the Standard and indicates whether a single approach could be adopted by governments for both systems of reporting.
  • Annex I contains frequently asked questions (FAQs) on the application of the CRS. (According to the Handbook an up-to-date list of FAQs will be published at regular intervals on the Automatic Exchange Of Information) AEOI Portal.

Click here to be forwarded to the Common Reporting Standard Implementation Handbook as published by the OECD on August 7, 2015.