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Details

  • Service: Tax, International Tax Services
  • Date: 8/26/2014

New FATCA-Like Standard for Global Information Exchange 

Global Tax Adviser

 

August 26, 2014

 

Jennifer Gann
Montreal, U.S. Corporate Tax

 

The OECD released the full version of a new global standard for the exchange of information between jurisdictions on July 21, 2014. According to the release, the "Standard for Automatic Exchange of Financial Account Information in Tax Matters" calls on governments to provide an annual automatic exchange of financial account information between governments, including balances, interest, dividends, and sales proceeds from financial assets. Financial institutions must also report financial information, including accounts that individuals and entities hold (e.g., trusts and foundations).

The standard includes the text of the Model Competent Authority Agreement (CAA) and the Common Reporting Standard (CRS) previously released in February 2014, including new commentaries and guidance for governments and financial institutions to implement. It also includes a detailed schema to use for the exchange of information, which includes a standard to ensure the secure transmission of information under the CRS along with data safeguards and confidentiality measures.

 

Background
The OECD released its global standard for automatic exchange of financial account information on February 13, 2014. The OECD and G20 countries developed the global standard in close cooperation with the EU. All 34 member countries and 13 additional countries endorsed a declaration on the exchanges of information in May. The standard leverages heavily off of the IGA approach to implementing the U.S. FATCA reporting regime.

 

For more information, contact your KPMG adviser.

 


 

Information is current to August 26, 2014. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

 

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