Friday, October 16, 2015
The OECD launched its new portal on Automatic Exchange of Information (AEOI). It provides a comprehensive overview of the work of the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes in the area of the automatic exchange of information, in particular with respect to the Standard for Automatic Exchange of Financial Account Information in Tax Matters (also referred to as the Common Reporting Standard or CRS).
The Standard calls on governments to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. More than 90 countries and jurisdictions have already publicly committed to implementation, while more than 50 have committed to a specific and ambitious timetable leading to the first automatic information exchanges in 2017.
This new site equips tax administrations and financial institutions with the necessary information and legal, administrative and IT tools to implement this new Standard.