reporting schemes that aim to circumvent the internationally agreed Common Reporting Standard (CRS) for automatic exchange of taxpayers' account information.
The disclosure facility, which can be accessed through the Automatic Exchange Portal, is part of a three step process the OECD has created to deal with schemes that purport to avoid reporting under the CRS. Under the three-step process 'all actual or perceived loopholes that are identified' will be analysed in to help the OECD deal with them.
The process, the OECD says, has a wide scope in terms of the financial institutions that are required to report, the financial information to be reported and the scope of account holders subject to reporting duties.
Jurisdictions subscribing to the CRS will also have to put in place anti-abuse rules to prevent any practices intended to circumvent CRS reporting and due diligence procedures.
The three step process to deal with CRS avoidance schemes complements the ongoing peer reviews carried out by the Global Forum on Tax Transparency and Exchange of Information for Tax Purposes to ensure the effective implementation of the CRS in all jurisdictions, says the OECD.
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