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ARTICLE · 30 OCTOBER 2014

Unprecedented Global Commitment To Common Reporting Standard In One Day

On 29 October 2014, 51 countries formally signalled their commitment to the Common Reporting Standard ("CRS") by signing a multilateral competent authority agreement to automatically exchange information based on Article 6 of the OECD’s Convention on Mutual Administrative Assistance in Tax Matters.

Isle of ManWealth Management

On 29 October 2014, 51 countries formally signalled their commitment to the Common Reporting Standard ("CRS") by signing a multilateral competent authority agreement to automatically exchange information based on Article 6 of the OECD's Convention on Mutual Administrative Assistance in Tax Matters.

The significance of this event was demonstrated by the participation of 39 ministers (including those from the Isle of Man, Cayman Islands, Jersey, BVI, Gibraltar, Malta) in the signing ceremony, the largest gathering of ministers to take joint action to address tax evasion.

The competent authority agreement is a multilateral framework agreement, with the subsequent bilateral exchanges coming into effect between those signatories that file the subsequent notifications under Section 7 of the agreement.

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