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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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Wider Approach to the Common Reporting Standard

The due diligence procedures in the CRS (in particular the indicia search procedures) are designed to identify Reportable Accounts understood as those of residents in a jurisdiction that is a Reportable Jurisdiction at the moment the due diligence procedures are performed. However, there are good reasons why jurisdictions may wish to go wider and, for instance, extend due diligence procedures to cover all non-residents or residents of jurisdictions with which they have an exchange of information instrument in place. Such an approach could significantly reduce costs for financial institutions because they would not need to perform additional due diligence each time a new jurisdiction joins.

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