Common Reporting Standard / Automatic Exchange of Information
In June 2014, the US Foreign Account Tax Compliance Act (FATCA) laid the first foundation for a bilateral, structured data exchange between the United States and various countries around the globe. The current Automatic Exchange of Information (AEoI) propagated by the OECD is intended to replace the existing bilateral agreements and to provide a fully comprehensive worldwide directive for a regular automatic data exchange. The core element of the standard, which consists of three parts, is the so-called Common Reporting Standard (CRS). It extends the FATCA Model I Agreement in the areas of
The Automatic Exchange of Information is based on: