19 April 2013
G5 Pilot AEOI announced
9 April 2013
G20 endorsement of automatic exchange as the expected new standard
18 June 2013
OECD presents the "Step Change in Tax Transparency" report to the G8 Summit on delivering a standardized and global model of automatic exchange
5/6 Sept. 2013
G20 leaders fully endorse the OECD proposal for a truly global model of automatic exchange
13 Feb. 2014
The Model Competent Authority Agreement (CAA) and Common Reporting Standard (CRS) are released and approved by OECD CFA
23 Feb. 2014
G20 endorsement of Model CRS
6 May 2014
Over 60 jurisdictions publicly support the CRS via a Declaration at a meeting of the OECD Council
19 March 2014
Joint statement by the Early Adopters Group containing implementation deadlines
1 Aug. 2014
Updated joint statement by the Early Adopters group containing implementation deadlines
1 Jan. 2016
New account opening procedures to record tax residence to be in place from 1 January 2016 in early adopter jurisdictions
31 Dec. 2016
Due diligence for identifying high-value preexisting individual accounts to be completed in early adopter jurisdictions
March 2017
First CRS reporting by financial institutions in early adopter jurisdictions
Sept. 2017
Exchange of information between Competent Authorities commences
31 Dec. 2017
Due Diligence for identifying low-value preexisting individual account and entity accounts to be completed in early adopter jurisdictions
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  CRS timeline and library


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Common Reporting Standard (CRS)

Implementation timeline


2013

Apr 19

G5 Pilot AEOI announced

Apr 9

G20 endorsement of automatic exchange as the expected new standard

June 18

OECD presents the "Step Change in Tax Transparency" report to the G8 Summit on delivering a standardized and global model of automatic exchange

Sept. 5/6

G20 leaders fully endorse the OECD proposal for a truly global model of automatic exchange


2014

Feb. 13

The Model Competent Authority Agreement (CAA) and Common Reporting Standard (CRS) are released and approved by OECD CFA

Feb. 23

G20 endorsement of Model CRS

March 19

Joint statement by the Early Adopters Group containing implementation deadlines

May 6

Over 60 jurisdictions publicly support the CRS via a Declaration at a meeting of the OECD Council

Aug. 1

Updated joint statement by the Early Adopters group containing implementation deadlines


2016

Jan. 1

New account opening procedures to record tax residence to be in place from 1 January 2016 in early adopter jurisdictions

Dec. 31

Due diligence for identifying high-value preexisting individual accounts to be completed in early adopter jurisdictions


2017

March 2017

First CRS reporting by financial institutions in early adopter jurisdictions

Sept. 2017

Exchange of information between Competent Authorities commences

Dec. 31

Due Diligence for identifying low-value preexisting individual account and entity accounts to be completed in early adopter jurisdictions

 

What is Common Reporting Standard?

On 21 July 2014, the Organisation for Economic Co-operation and Development (OECD) published the Standard for Automatic Exchange of Information in Tax Matters (the Standard).

The Standard consists of the Model Competent Authority Agreement (CAA), intended as template for intergovernmental agreements, and the Common Reporting Standard (CRS) that contains the reporting and due diligence standard that underpins the automatic exchange of information. There are also extensive commentaries and guidance on technical solutions for information exchange as well as a number of appendices.

Automatic exchange of information involves the systematic and annual transmission of “bulk” taxpayer information by the source jurisdiction to the residence jurisdiction of the taxpayer. It can provide timely information on non-compliance where tax has been evaded, particularly where tax administrations have had no previous indications of non-compliance.

More than 90 jurisdictions have already committed to the swift implementation of CRS. Of these, over 50 are committed to first exchange in 2017. In these “early adopter” jurisdictions, new account opening procedures will need to be in place from 1 January 2016.

The publication of the CAA and the CRS is a significant structural step in governments’ efforts to improve cross-border tax compliance. This follows a raft of tax compliance legislation such as the US Foreign Account Tax Compliance Act (FATCA) and active campaigns of voluntary disclosures and legal procedures.