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In conjunction with the G20, the OECD developed the Common Reporting Standard (CRS) as a global standard for the automatic exchange of information. According to it, Financial Institutions will be compelled under domestic law to provide their local taxation authorities with financial data on relevant persons, who are resident in other participating countries. The data will be analyzed to identify those who may have evaded or avoided tax and even those who may simply have made an error in their tax returns. Russian Federation has confirmed adoption in the 2016 year.
Our colleagues from BDO Global have created an interactive map representing the adoption of the CRS across the world that helps individuals to understand the potential tax implications. This map shows which jurisdictions began to exchange data at which time, and which jurisdictions are yet to set a date.
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