Standard for Automatic Exchange of Financial Account Information in Tax Matters Deutsch

As of July 2015[updated], 53 jurisdictions had signed the agreement on the automatic exchange of information; [7] As of July 2016[updated], 83 jurisdictions had signed the agreement. [6] The Commission will assist the Council in its discussions on the alignment of the above-mentioned EU legislation on automatic exchange of information with the OECD Global Standard for the Automatic Exchange of Financial Account Information, which is expected to be formally adopted by the OECD in mid-2014. The aim of alignment is to limit the administrative burden on financial sector companies through such legislation while respecting the specific needs of the EU internal market. The expert group includes: organisations representing companies in the financial sector that need to implement aligned EU legislation in their business activities; and organizations that deal with tax good governance and promote better tax compliance to combat tax evasion and avoidance, e.B civil society organizations. Transparency groups have reacted in different ways, with some criticizing the way developing countries have (not) been viewed and included. [23] Collecting and providing information can be so costly and difficult for developing countries to avoid participating in the system. Instead of offering a period of non-reciprocity during which developing countries could simply receive financial data, the only mention of non-reciprocity agreements is the offer of tax havens. [23] As a leading international financial centre with clients worldwide, Switzerland is particularly affected by the AEOI. It has fully implemented the AEOI to ensure that it complies with the latest international standards.

The exchange of data across national borders has thus become the norm for both banks and their customers. There are a number of options on how the transition could be achieved to address the UK`s desire to ensure that there are no “gaps” in the data that would have been reported under the UK Intergovernmental Agreement for 2016, but which might not be reported until 2018 under the CRS. Following consultations with Guernsey financial institutions, it was agreed with the United Kingdom that the CRS reporting obligations for 2016 should be complemented by the provision of information on existing individual low-value accounts and existing business accounts for UNITED Kingdom residents. This means that the UK can only receive information about the 2016 calendar year in 2017 under the CRS, thus avoiding the need for Guernsey financial institutions to make separate (and possibly double) reports under the UK IGA and the CRS. I would like to make it clear that the intention is that the due diligence that has already been exercised with regard to the UK`s reportable accounts for the purposes of the UK Intergovernmental Agreement does not need to be repeated for the CRS. Since 2018, Switzerland has been sharing information on millions of cash and deposit accounts with AEOI partner states every year. It now has AEOI agreements with more than 100 countries, and the network continues to grow. The information will only be transmitted to other countries if it fully meets the AEOI criteria. The Common Reporting Standard (CRS) is an information standard for the automatic exchange of information (AEOI) on global financial accounts between tax authorities, developed by the Organisation for Economic Co-operation and Development (OECD) in 2014.

For two countries to be able to apply the AEOI standard reciprocally, they must have an intergovernmental agreement. The OECD provides a model agreement for this purpose: the Competent Authorities Agreement or CAA. States can use the CAA if their government has the power to bind the country to the new standard. This publication contains the following four parts: an agreement between competent authorities (CAAs) for the automatic exchange of information on CRS; the Common Reporting Standard; comments on AAC and CRS; and the CRS XML Schema User Guide. The new expert group will provide advice that will enable the Commission to help the Council and Member States to ensure that EU legislation on the automatic exchange of information in the field of direct taxation is effectively aligned with and fully compatible with the OECD Global Standard for the Automatic Exchange of Financial Account Information. The objective of the Common Reporting Standard Implementation Manual is to assist government officials in implementing the standard for the automatic exchange of financial account information in tax matters and to provide a practical overview of the standard to the financial sector and the general public. In May 2014, forty-seven countries provisionally agreed on a “common reporting standard”, officially called the standard for the automatic exchange of financial account information: an agreement for the automatic exchange of information on residents` assets and income in accordance with the standard. [2] Supporting countries included the 34 OECD countries as well as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Singapore, South Africa and Singapore. [2] The AEOI Standard consists of four elements set out in the OECD Standard for the Automatic Exchange of Financial Account Information in Tax Matters. .

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