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CRS-MCAA - 1300 bilateral relationships are in place across globe
By TII News Service
Dec 23, 2016 , Paris |
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AS many as 350 bilateral automatic exchange
relationships among over 50 jurisdictions were committed to exchanging
information automatically pursuant to the OECD Common Reporting Standard (CRS),
starting in 2017.
There are now more than 1 300 bilateral relationships
in place across the globe, most of them based on the Multilateral Competent
Authority Agreement on Automatic Exchange of Financial Account Information (the
CRS MCAA). With respect to the jurisdictions exchanging as of 2017, 1133 out of
the 1459 possible bilateral exchange relationships are now established. The 326
non-activated exchange relationships are mainly due to the fact that 6
jurisdictions were not yet in a position to provide a full set of notifications.
Two more rounds of activations are scheduled to take place in March and
June 2017 which will allow the remaining 2017 and 2018 jurisdictions to nominate
the partners with which they will undertake automatic exchanges in the coming
months. The next update on the latest bilateral exchange relationships will be
published before the end of March 2017, with updates to follow on a periodic
basis. In total, 101 jurisdictions have agreed to start automatically exchanging
financial account information in September 2017 and 2018, under the
CRS.
Today's second wave of activations of bilateral exchange
relationships is a further crucial step towards the timely implementation of the
OECD-developed international standard for the automatic exchange of financial
account information, the CRS, and reflects the determination of jurisdictions
around the world to deliver on their political commitment to fight tax
evasion.
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