ARTICLE · 04 APRIL 2017

Are You Ready For Automatic Exchange Of Information?

The Sovereign Group

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Time is fast running out for taxpayers who have not been reporting overseas accounts and investments to their home tax authorities.

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Time is fast running out for taxpayers who have not been reporting overseas accounts and investments to their home tax authorities. The new Common Reporting Standard (CRS) will introduce the automatic exchange of information on financial accounts that are beneficially owned or controlled by foreigners who are tax resident in other participating countries.

Over 50 signatory countries committed to adopt the CRS from 1 January 2016 and first reporting begins in 2017. Over 100 further countries have committed to start reporting in 2018. This OECD-led global initiative is forcing a decisive break with the longstanding commitment of many countries to protect the privacy of their citizens.

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