Analysis of the Common Reporting Standard Loopholes

Analysis of Common Reporting Standard Loopholes

15th July 2018 - Published CRS Times Issue 08 - Most misapplied and misunderstood CRS matters. See newsletters on this webpage below, a regular journal on latest news regarding CRS weaknesses.

* * Update 15 June 2018 * * OECD updates list of 106 jurisdictions committed to CRS and 43 Global Forum Members but not yet set date to implement automatic exchange of Financial Account Information * * Update 4 June 2018 * * CRS FAQ closes trust-based and ORSO retirement plan loophole, as well as irrevocable life insurance * * News 31 May 2018 * * EU Commission Director General Taxation warns USA will be blacklisted in 2019 if it does not adopt CRS. Three out of seven blacklisted nations are US territories * * News 25 May 2018 * * EU Council updates uncooperative tax havens list - blacklists 7 and greylists 65 jurisdictions * * Update 19 April 2018 * * OECD publishes feedback on abuse of residence consultation * * Update 6 April 2018 * * 2nd OECD CRS Implementation Handbook * * Update 29 March 2018 * * Determine tax residences based on Centre of vital Interest * * Update 13 March 2018 * * EU Council approves OECD CRS in amended directive * * * Update 9 March 2018 * * How OECD will address residence by investment schemes * * Update 10 March 2018 * * OECD releases MDR		Changes in 2nd edition of Handbook provide additional up-to-date guidance on areas related to the effective implementation. Includes revisions pertinent to the legal framework for implementation, data protection, IT and administrative infrastructures as well as compliance measures. Clarity provided in trust section relating to identification of Controlling Persons.
The Common Reporting Standard June 2018 - OECD list of 106 jurisdictions committing to CRS by 2020. Also 43 developing members of Global Transparency Forum but not yet set the date for automatic exchange. June 2018 - The OECD list of CRS-related Frequently Asked Questions. Update closes pensions loophole. The 2nd CRS implementation Handbook OECD Common Reporting Standard and Commentary May 2018 - OECD maintains a list jurisdiction-specific overview of the steps taken and choices made by jurisdictions in the context of implementing the Standard. May 2018 - List of 102 Signatories of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information and intended Information Exchange Date. April 2018 - 150 Members of the OECD Global Transparency Forum.	Mandatory Disclosure Rules addressing CRS avoidance arrangements Pascal Saint Amans quoted in news that the model disclosure rules will be submitted to the G7 presidency and are part of a wider strategy of the OECD to monitor and act upon tendencies in the market that try to avoid CRS reporting and hide assets offshore.	Proposed address of abuse of Residence by investment . List of country updates by date
Newsworthy Updates 4 June 2018 CRS FAQ update closes loopholes concerning Hong Kong ORSO, Gibraltar QNUPS and other trust-based retirement funds, as well as irrevocable insurance. June 2018 - OECD list of tax residency requirements by jurisdiction. Breakdown by country update by date. 25 May 2018 EU blacklist of uncooperative tax havens. 17 April 2018 - OECD publishes Public Comments on Consultation on abuse of residence by investment schemes. 13 March 2018 - EU Council amends Mutual Assistance and Cooperation Directive (DAC) to include OECD MDR for addressing CRS avoidance arrangements and offshore structures (see pg. 38). 9 March 2018 - OECD Mandatory Disclosure Rules for addressing CRS avoidance arrangements and offshore structures. 9 March 2018 - OECD FAQ on Mandatory Disclosure Rules. 19 February 2018 - OECD draft Prevention of abuse of residence by investment schemes.

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Publishing in August - Residence by Investment

Publishing in August - MDR