The OECD launched on 5 May a facility to disclose reportable tax avoidance schemes under the Common Reporting Standards (‘CRS’). According to the OECD, the disclosure facility is part of a wider three step process that the OECD has implemented to deal with reportable schemes under the CRS. The scope of the facility is wide, and covers financial institutions, the information to be reported and the scope of the account holders subject to reporting. The disclosure facility also requires jurisdictions to implement anti-abuse rules to prevent any practices that may circumvent the reporting the due diligence process. The disclosure facility is launched on the OECD Automatic Exchange Portal and allows interested parties to report potential schemes that circumvent the CRS. The disclosure facility can be accessed at the OECD CRS portal.
- CFE’s Tax Top 5: key tax news of the week, 08 May 2017