OECD Common Reporting Standard | Joint Statement By The Early Adopters Group

Yesterday, a Joint Statement was released by the Early Adopters Group of the OECD's Common Reporting Standard (CRS) confirming their commitment to the new standard for automatic exchange of information and proposing a  timetable for implementation. In summary, this means that for early adopters CRS will begin for new accounts from 1 January 2016  and pre-existing accounts will be those maintained as at 31 December 2015.

Following the release of the CRS on 13 February 2014, the Joint Statement by the Early Adopters Group (now 44 countries) recognises that the proposed timetable is ambitious but achievable. The timetable provides that:

• Pre-existing accounts are those open as at 31 December 2015.