The Organisation for Economic Cooperation and Development (OECD) today published a new set of bilateral exchange relationships established under the common reporting standard (CRS) Multilateral Competent Authority Agreement—the CRS MCAA.
According to today’s OECD release, the international legal network for the automatic exchange of offshore financial account information under the CRS now covers over 90 jurisdictions, with about 12 more expected over summer. The network will allow the approximately 100 committed jurisdictions to exchange CRS information in September 2018 under more than 3200 bilateral relationships that are now in place.
Read the full list of automatic exchange relationships under the CRS MCAA.
The OECD also stated that there has been a significant increase of jurisdictions participating in the multilateral Convention on Mutual Administrative Assistance in Tax Matters—the prime international instrument for all forms of exchange of information in tax matters (upon request) including the automatic exchange of CRS information and country-by-country reports. Since early May 2018, the Former Yugoslav Republic of Macedonia, Grenada, Hong Kong (China), Liberia, Macau (China), Paraguay, and Vanuatu have joined the Convention, bringing the total number of participating jurisdictions to 124 [PDF 231 KB].
In addition, the Bahamas, Bahrain, Grenada, Peru, and the United Arab Emirates have deposited their instruments of ratification. With these recent developments, jurisdictions are now completing the final steps for being able to commence CRS exchanges by September 2018.
© 2020 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.
Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.