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OECD consults on mandatory disclosure of CRS avoidance

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The OECD is consulting until 15 January 2018 on model mandatory disclosure rules designed to tackle avoidance of the requirements under the Common Reporting Standard (CRS).

The OECD is consulting until 15 January 2018 on model mandatory disclosure rules designed to tackle avoidance of the requirements under the Common Reporting Standard (CRS). The rules are intended to target promoters and service providers with a material involvement in CRS avoidance arrangements or offshore structures.

The proposed rules would require such intermediaries to disclose information on the scheme to their national tax authority, including the identities of any users or beneficial owners. This information would then be made available to other tax authorities in accordance with the requirements of the applicable information exchange agreement.

In May 2017, the OECD launched a facility on its automatic exchange portal for reporting CRS avoidance. This was part of a three-step process for dealing with CRS avoidance, involving identification and analysis of all actual or perceived loopholes, with a requirement for jurisdictions to put in place anti-abuse rules to prevent any practices intended to circumvent the reporting and due diligence procedures.

See http://bit.ly/2kx8GhC.

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