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The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information (AEOI) regarding financial accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion.
The AEOI Standard requires financial institutions to automatically disclose information on financial accounts they maintain for non-residents to their tax authorities under the globally-agreed Common Reporting Standard , who in turn exchange this information with the tax authorities of the account holders’ country of residence.
Spontaneous Exchange of Information - for tax authorities to inform each other where there may be loss of tax, tax avoidance or profit shifting Automatic Exchange of Information - for information in the possession of tax authorities related to residents on another EU Member State, such as employment income, director's income or pensions.
The income tax is imposed irrespective of citizenship or residency, which means the UK HMRC must track the location and income of all loan holders, wherever they are in the world, for several decades.
EOIR is the oldest form of exchange of information and is now contained in Article 26 of the OECD's Model Tax Convention on Income and on Capital. [1] Article 26 allows the tax authority in one country to request specific information in relation to a taxpayer or class of taxpayers to allow for the assessment and collection of tax, or the prosecution of tax evasion.
Canada: Office of the Superintendent of Financial Institutions (OSFI) ; Canada Deposit Insurance Corporation (CDIC) ; Financial Consumer Agency of Canada ; Canadian Investment Regulatory Organization (CIRO) ; Canadian Public Accountability Board (CPAB) Cayman Islands: Cayman Islands Monetary Authority: Central African Republic
AEOI most commonly refers to: Atomic Energy Organization of Iran (AEOI) Automatic Exchange of Financial Account Information (AEOI) , such as the OECD 's Common Reporting Standard .
Tax information exchange agreements ... Canada – San Marino (27 October 2010) Portugal – Belize (22 October 2010) ... France – St. Vincent and the Grenadines ...