Automatic Exchange of Information - The Common Reporting Standard
Automatic Exchange of Information - The CRS
The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) to provide systematic and periodic exchange of tax residents’ financial account information between participating jurisdictions. As at 14 April 2016, 98 jurisdictions have committed to the CRS.
Under the CRS, jurisdictions obtain information from financial institutions (FIs) and exchange that information with other jurisdictions on an annual basis. The CRS impacts a similar range of FIs as FATCA.
This document looks at how the CRS differs from FATCA and whether companies are ready for the CRS.
© 2022 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in Mainland China, KPMG, a Macau (SAR) partnership, and KPMG, a Hong Kong (SAR) partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.
For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.