CRS 2.0 Amendments To The OECD's Common Reporting Standard

Key issues for Financial Service Providers and how to prepare for 2026

Introduction

The Common Reporting Standard (CRS) was developed by the Organisation for Economic Co-operation and Development (OECD) to promote tax transparency by enabling tax authorities in one jurisdiction to receive information regarding financial accounts held by its residents in another jurisdiction. The information received is then available to the residents' local tax authority to cross-check against their domestic tax filings to verify accuracy and consistency on the part of the tax payer.

Since its inception in 2014, over 120 countries have committed to implement the CRS under domestic law. Guernsey was amongst the first jurisdictions to adopt CRS and is currently due to exchange information with 112 reportable jurisdictions this year, in respect of 2024 data.