The OECD (Organization for Economic Co-operation and Development) Common Reporting Standard (CRS) is a big step towards a globally coordinated approach to the disclosure of income earned by individuals and organizations. As a measure to counter tax evasion, it builds upon other information sharing legislation, such as FATCA (the US Foreign Account Tax Compliance Act) and the European Union (EU) Savings Directive.
KPMG's Global Financial Services (FS) Tax practice is pleased to provide you with a new publication titled, “Automatic Exchange of Information: The Common Reporting Standard” that examines this issue. This new report looks at the impact of CRS and the influence these new Standards have upon financial institutions around the world, and considers the steps financial institutions should take to achieve compliance cost-effectively.
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