Common Reporting Standard

On 13 February 2014 the OECD published the new standard for the automatic exchange of information in this statement.

The Russian Tax and Law practice of Ernst & Young (EY) has published an analysis of the Competent Authority Agreement (CAA) and the Common Reporting Standard (CRS) in this document: EY-Tax-Alert-19-February-2014-Eng. EY have compared it to the FATCA Model 1 IGA. The analysis shows the similarities and differences and focuses on the most difficult and challenging aspects of the CRS. Specifically the fact that timelines are extremely short (aligned with the reporting timelines of FATCA) should be of concern to FIs. A second area of concern is the combination of possible interpretations and the expected changes to the model Competent Authority Agreement and the standard.

The next step for the CAA and CRS will be on February 22 and 23.  The timeline for the CAA is expected to be on of the results of that meeting.

 

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