Global Forum and Global Relations and Development division release course on the automatic exchange of financial account information
03/03/2022 - The Global Forum Secretariat and the OECD Centre for Tax Policy and Administration’s Global Relations and Development division released a new e-learning course today, to help tax officials better understand the Standard for Automatic Exchange of Financial Account Information in Tax Matters (CRS-AEOI). The course is available in English (French and Spanish versions to follow shortly) and is offered free of charge to all officials from tax administrations and ministries of Finance via the KSPTA platform.
The e-learning training is structured in six individual modules:
- Introduction to CRS-AEOI
- Reporting Financial Institutions
- Identifying Financial Accounts
- Identifying Reportable Accounts
- Applying Due Diligence Procedures
- Reporting Relevant Information
The CRS-AEOI Standard requires the annual exchange of information on financial accounts held by individuals and entities resident in partner jurisdictions in a pre-defined format. Information exchanged includes details about the financial account and the account holder. Implementing the Standard requires jurisdictions to collect the information each year from their financial institutions and to automatically exchange it with the jurisdictions where the account holder is tax resident.
The Standard for Automatic Exchange of Financial Account Information in Tax Matters was developed in 2014 and all Global Forum members, aside from developing countries that do not host a financial centre, were asked to commit to automatic exchange. Since then, the Global Forum Secretariat has built a capacity-building programme to support the global implementation of the Standard and an increasing number of developing countries is willing to benefit from the promotion of tax compliance through the implementation of AEOI and have committed to start exchanges, or are considering an appropriate date to do so. Over 120 jurisdictions have now committed to AEOI implementation and the vast majority have commenced exchanges.
The Global Forum has reviewed the domestic and international legal frameworks of the 102 jurisdictions engaged in AEOI since 2019 to ensure their completeness and issued determinations. Reviews of the effectiveness of the implementation of the Standard are underway, with first conclusions expected to be published at the end of 2022.
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