The new OECD/G20 standard on automatic exchange of information was endorsed by all OECD and G20 countries as well as major financial centres participating in the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin. It is known as the Common Reporting Standard (CRS)
51 Jurisdications, including Ireland, translated their commitments into action during a massive signing of aMultilateral Competent Authority Agreement that will activate automatic exchange of information, based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Early adopters who signed the agreement have pledged to work towards launching their first information exchanges by September 2017. Others are expected to follow in 2018.
The new Standard for Automatic Exchange of Financial Account Information in Tax Matters provides for exchange of all financial information on an annual basis, automatically. Most jurisdictions have committed to implementing this Standard on a reciprocal basis with all interested jurisdictions.
The Irish Government has committed to this in its Spring / Summer legislative programme.
