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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 Directive has been amended 7 times to expand the scope of AEOI within the EU, reflecting both global initiatives in this area undertaken by the OECD as well as the EU's own initiatives. In addition, an amendment to the Regulation on administrative cooperation and combating fraud in the field of value added tax adds an additional AEOI ...
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.
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.
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 .
Typically, a TIEA contains the following provisions: It provides for exchange of information that is "foreseeably relevant" to the administration and enforcement of domestic tax laws on the Contracting Parties.
The Convention on Mutual Administrative Assistance in Tax Matters is a convention to facilitate the entering into bilateral tax information exchange agreements between state parties.
His Majesty's Revenue and Customs (commonly HM Revenue and Customs, or HMRC) [4] [5] is a non-ministerial department of the UK government responsible for the collection of taxes, the payment of some forms of state support, the administration of other regulatory regimes including the national minimum wage and the issuance of national insurance numbers.