Other jurisdictions, although not signatories to the MCAA, have committed to exchange information automatically by 2018, including the financial centres of the Bahamas, Singapore, UAE and Uruguay. In a mass signing ceremony on 29 October 2014 in Berlin, Germany, 52 jurisdictions signed the MCAA a few others signed along the way.Ī year later, on 30 October 2015, in Bridgetown, Barbados, another 13 jurisdictions signed the MCAA. In July 2014, the OECD Council approved the new standard. In May 2014, all OECD members and a number of non-OECD members issued a declaration endorsing the automatic standard. The so-called ‘Early Adopters’ 3Įndorsed the standard and committed to begin exchanging information automatically with each other by 2017 for tax year 2016. The CRS was unveiled by the OECD in February 2014, and was endorsed by the G20 later that month in Sydney, Australia. Is a practical guide developed to assist government officials it has not been incorporated into the MCAA and is not binding on signatories. The CRS and its Commentary have been incorporated by reference into the Multilateral Competent Authority Agreement (MCAA) and are binding on signatories. Is a multilateral, fully reciprocal automatic-exchange-of-information mechanism that sets out the due diligence and reporting rules of the standard, and should be read together with its annexed Commentary. The OECD’s Common Reporting Standard (CRS) 1 A flow chart outlining the reporting hierarchy for the CRS can be found on page 31 and a glossary on page 39.Two competing financial centres that are on divergent paths are examined: the US as a non-participant and Switzerland as an MCAA signatory.Information to be reported includes names of individuals, addresses, tax identification numbers, names of banks, account numbers, account balances and gross amounts of income.
It must be determined whether companies, foundations, trusts, etc, are Financial Institutions, passive Non-Financial Entities (NFEs), or active NFEs.
The Early Adopters have committed to exchange information with each other starting in 2017 for tax year 2016.
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