The OECD has been taking a set of actions to ensure that all taxpayers maintaining financial assets abroad are effectively reported under the Common Reporting Standard (CRS).
These measures include:
- Iissuing new model disclosure rules that require 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. The adoption of such model mandatory disclosure rules will have a deterrent effect on the promotion of CBI/RBI schemes for circumventing the CRS and provide tax authorities with intelligence on ...