The Organisation for Economic Cooperation and Development (OECD) today announced the release of an international administrative and operational framework for the exchange of information collected under the OECD’s model mandatory disclosure rules—that is, the framework to support the automatic exchange of information collected regarding the common reporting standard (CRS) regime.
Separately, the OECD released updated XML schemas and guidance to support the exchange of tax information under the CRS, on country-by-country (CbC) reporting, and in relation to tax rulings.
Text of the XML schemas and user guides are available on today’s OECD release.
The updated user guides and XML schemas reflect the experiences gained from the initial exchanges, and are based on a multilateral competent authority agreement (MCAA). The MCAA will allow a jurisdiction that received information about a CRS avoidance arrangement or certain offshore structures to exchange that information with all jurisdictions of tax residence of the taxpayers concerned. This will allow the tax authorities of those jurisdictions to use the information received to conduct compliance activities with respect to both the taxpayers and the intermediaries involved in the disclosed arrangements.
The CRS- and CbC-related schemas will be effective for all exchanges on or after 1 January 2021 (the tax ruling-related schemas will be effective as from 1 April 2020).
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