OECD publishes Model Mandatory Disclosure Rules for CRS Avoidance and Offshore Structures
Published: 14 March 2018
On 9 March 2018, the OECD published model Common Reporting Standard (CRS) avoidance disclosure rules.
The rules which are based on best practice recommendations envisaged in BEPS Action 12, place a requirement on lawyers, accountants, financial advisors, banks, and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the CRS or prevent the identification of the beneficial owners of entities or trusts. As part of this work the OECD is also addressing cases of abuse of so-called “golden visa” and similar schemes in order to circumvent CRS reporting.