Introduction
The Organization for Economic Co-operation and Development (OECD) developed Common Reporting Standard (CRS) in 2014 with the goal to fight tax evasion. CRS is a global information standard for automatically exchanging financial account information between tax authorities.
Financial institutions located in CRS participating jurisdictions1 must comply with the relevant CRS requirements, which aim at identifying the financial assets that tax residents of a participating jurisdiction hold abroad and having them reported to the relevant local tax authorities.
CRS is also nicknamed as “the FATCA for the rest of the world”.
1 For an updated list of CRS participating jurisdictions refer to: https://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/#d.en.345489
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