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Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition

The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. This publication contains the following four parts: A model Competent Authority Agreement (CAA) for the automatic exchange of CRS information; the Common Reporting Standard; the Commentaries on the CAA and the CRS; and the CRS XML Schema User Guide. This edition expands the last part on the CRS XML Schema User Guide. It contains additional technical guidance on the handling of corrections and cancellations within the CRS XML Schema, as well as a revised and expanded set of correction examples. The other parts remain unchanged relative to the first edition issued in 2014.

Published on March 27, 2017Also available in: German, Spanish, French

TABLE OF CONTENTS

Foreword
Abbreviations and acronyms
Introduction
Model Competent Authority Agreement and Common Reporting Standard2 chapters available
Model Competent Authority Agreement
Common Reporting Standard
Commentaries on the Model Competent Authority Agreement and the Common Reporting Standard2 chapters available
Commentaries on the Model Competent Authority Agreement
Commentaries on the Common Reporting Standard
Annexes7 chapters available
Multilateral Model Competent Authority Agreement
Nonreciprocal Model Competent Authority Agreement
Common Reporting Standard User Guide
Example Questionnaire
Wider Approach to the Common Reporting Standard
Declaration on Automatic Exchange of Information in Tax Matters
Recommendation of the Council on the Standard for Automatic Exchange of Financial Account Information in Tax Matters
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