The Organisation for Economic Cooperation and Development (OECD) has provided an updated list of “frequently asked questions”(FAQs) concerning the Common Reporting Standard (CRS).
Read the November 2015 FAQs [PDF 607 KB]
The CRS was developed in response to the G20 request and approved by the OECD Council on 15 July 2014. Under the CRS process, jurisdictions obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. The CRS sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
All content prepared by KPMG Cyprus.