News: OECD Announces CRS Report about the Information Exchange

The Organization for Economic Development and Cooperation (OECD) released a report for the previous year, 2018, as part of the CRS program. Thanks to this project, a team of analysts of the organization was able to analyze systems and rules for the transfer of automatic information almost worldwide.

As stated in the report, the data has been gathering from January 2018 to January 31, 2019. The document highlights two main criteria for conducting audits and analysis of automated information exchange systems between countries. It is transparency of information submission, as well as compliance with the rules of the tax legislation of each country.

According to the report, in more than 100 jurisdictions that participate in the CRS program, hundreds of millions of operations were conducted on 48 million offshore accounts. The total amount of funds that have been supervised by the OECD under this program is at least 4.9 trillion euros.

The authors of the report note the growing trend of the transition of many offshore jurisdictions to more transparent taxation and reporting rules. Also, the BEPS program, which has already been joined by representatives from more than 130 countries, helps to monitor operations with offshore jurisdictions in the future.

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