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Standard for Automatic Exchange of Financial Account Information in Tax Matters

image of Standard for Automatic Exchange of Financial Account Information in Tax Matters

The Standard for Automatic Exchange of Financial Account Information, developed by the OECD with G20 countries, represents the international consensus on automatic exchange of financial account information for tax purposes, on a reciprocal basis. Over 60 jurisdictions have committed to implementing the Standard and all financial centres have been called to match those commitments, as of July 2014.

This publication is the first edition of the full version of the Standard for Automatic Exchange of Financial Account Information. It contains the text of the Model Competent Authority Agreement and the Common Reporting Standard, and the Commentaries thereon, as they read on 15 July 2014. It also includes multilateral and nonreciprocal versions of the Model Competent Authority Agreement, the technical modalities and a wider approach to the Common Reporting Standard.

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Commentaries on the Model Competent Authority Agreement

The Model CAA links the CRS and the legal basis for the exchange (such as the Convention on Mutual Administrative Assistance in Tax Matters or a bilateral tax treaty). The Model CAA consists of a preamble and seven sections and provides for the modalities of the exchange to ensure the appropriate flows of the information. The preamble contains representations on domestic reporting and due diligence rules that underpin the exchange of information pursuant to the Model CAA. It also contains representations on confidentiality, safeguards and the existence of the necessary infrastructure for an effective exchange relationship.

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