Monday, July 25, 2016

101 countries now committed to OECD CRS

According to an OECD announcement on May 12, 2016 global tax transparency forum, Panama, Vanuatu, Bahrain, Lebanon and Nauru have now formally committed to share financial account information automatically with other countries using the Common Reporting Standard (CRS).

This raises to 101 the number of jurisdictions committed to implement information sharing in accordance with the OECD's Common Reporting Standard.

  • In a statement on 9 May, Kosie Louw, Chair of the OECD's Global Forum on Transparency called on all countries to put in place domestic legislation and to sign and ratify the multilateral Convention on Mutual Administrative Assistance in Tax Matters by the end of August 2016.
  • The OECD has also announced that Canada, Iceland, India, Israel, New Zealand and the China have signed the Multilateral Competent Authority agreement for the automatic exchange of Country-by-Country reports, bringing the total number of signatories to 39 countries.
The table below summarises the intended implementation timelines of the new standard. JURISDICTIONS UNDERTAKING FIRST EXCHANGES BY 2017 (55)
Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman Islands, Colombia, Croatia, CuraƧao, Cyprus, Czech Republic, Denmark, Dominica, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey, Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mexico, Montserrat, Netherlands, Niue, Norway, Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom
Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Bahrain, Belize, Brazil, Brunei Darussalam, Canada, Chile, China, Cook Islands, Costa Rica, Ghana, Grenada, Hong Kong (China), Indonesia, Israel, Japan, Kuwait, Lebanon, Marshall Islands, Macao (China), Malaysia, Mauritius, Monaco, Nauru, New Zealand, Panama, Qatar, Russia, Saint Kitts and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint Maarten, Switzerland, Turkey, United Arab Emirates, Uruguay, Vanuatu
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