OECD: CRS update

Published: 24 April 2017


To support the consistent implementation of the Common Reporting Standard (CRS), the OECD has released a series of additional CRS-related Frequently Asked Questions and the second edition of the Standard for Automatic Exchange of Financial Account Information in tax Matters, which expands the last part on the CRS XML Schema User Guide. Separately, the Cayman Islands Department for International Tax Cooperation (DITC) published a press release announcing several developments: (i) the issue of CRS Guidance Notes version 2.0; (ii) Jersey is to be included in the list of Reportable Jurisdictions for 2017 and a  provisional list of Reportable Jurisdictions for reporting in 2018 has also been published; (iii) a new AEOI Portal User Guide regarding FATCA/UK CDOT/CRS will be available later this month or in early May; and (iv) individual and entity self-certification forms are being revised and will be available on the DITC’s CRS Legislation web.  Further Cayman updates relating to US FATCA, UK CDOT, and EU Savings Directive can be found here.  for further information, please contact Paul Hale or Enrique Clemente.