Common Reporting Standard

E793274

automatic exchange of information framework international tax standard

The Common Reporting Standard is a global framework developed by the OECD for the automatic exchange of financial account information between tax authorities to combat tax evasion.

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All labels observed (1)

Label	Occurrences
Common Reporting Standard canonical	2

Statements (49)

Predicate	Object
instanceOf	automatic exchange of information framework ⓘ international tax standard ⓘ
abbreviation	CRS NERFINISHED ⓘ
appliesTo	financial institutions ⓘ tax authorities ⓘ
basedOn	FATCA NERFINISHED ⓘ Foreign Account Tax Compliance Act NERFINISHED ⓘ
covers	bank deposit accounts ⓘ certain insurance contracts ⓘ custodial accounts ⓘ interests in investment entities ⓘ
dataCollected	account balances ⓘ dividends ⓘ gross proceeds from sale of financial assets ⓘ interest income ⓘ
defines	controlling persons of entities ⓘ due diligence rules for entity accounts ⓘ due diligence rules for individual accounts ⓘ reportable accounts ⓘ reportable jurisdictions ⓘ reporting financial institutions ⓘ
developer	OECD NERFINISHED ⓘ Organisation for Economic Co-operation and Development NERFINISHED ⓘ
follows	multilateral competent authority agreement framework ⓘ
hasPart	CRS Commentaries NERFINISHED ⓘ CRS Model Competent Authority Agreement NERFINISHED ⓘ CRS XML Schema NERFINISHED ⓘ
implementedBy	European Union NERFINISHED ⓘ many OECD member states ⓘ many non-OECD jurisdictions ⓘ
inception	2014 ⓘ
jurisdiction	participating jurisdictions of OECD members and non-members ⓘ
language	English ⓘ
legalForm	soft law standard ⓘ
mainSubject	automatic exchange of financial account information ⓘ tax transparency ⓘ
publisher	OECD Publishing NERFINISHED ⓘ
purpose	combat tax evasion ⓘ improve tax compliance ⓘ
regulates	due diligence procedures for financial institutions ⓘ reporting of financial account information ⓘ
relatedTo	Base Erosion and Profit Shifting Project NERFINISHED ⓘ Global Forum on Transparency and Exchange of Information for Tax Purposes NERFINISHED ⓘ
replaced	many bilateral tax information exchange agreements for account data ⓘ
requires	annual reporting of financial account information ⓘ electronic transmission of data between tax authorities ⓘ identification of account holders’ tax residence ⓘ self-certification by account holders ⓘ
scope	cross-border financial accounts ⓘ

Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

Foreign Account Tax Compliance Act → influenced → Common Reporting Standard ⓘ

OECD Global Forum on Transparency and Exchange of Information for Tax Purposes → standardPromoted → Common Reporting Standard ⓘ