Examples of Common Reporting Standard in a sentence
On 21 July 2014, the Standard for Automatic Exchange of Financial Account Information in Tax Matters was published by the OECD and this includes the Common Reporting Standard (the “ CRS”).
AEOI refers to US Foreign Account Tax Compliant Act (“FATCA”) and associated inter-governmental agreements and OECD’s Common Reporting Standard (“CRS”) as applicable in participating jurisdictions.
The Common Reporting Standard (CRS) is the reporting standard approved and developed by the Organisation of Economic Co-operation and Development (OECD) in 2014, and came into force with effect from 1st January 2016.
A Competent Authority will notify the other Competent Authority when the first-mentioned Competent Authority has reason to believe that an error may have led to incorrect or incomplete information reporting or there is non-compliance by a Reporting Financial Institution with the applicable reporting requirements and due diligence procedures consistent with the Common Reporting Standard.
These obligations are in the Common Reporting Standard (CRS), which is in the AEOI (part II, chapter B) and supplemented with commentary (part III, chapter B).