Over 1,300 relationships in place for automatic information exchange between tax authorities
The OECD recently announced the activation of a further 350 bilateral automatic exchange relationships between over 50 jurisdictions pursuant to the OECD Common Reporting Standard (CRS) starting in 2017.
According to the OECD, there are now more than 1,300 bilateral relationships in place across the globe; most of which are based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the CRS MCAA).
Two more rounds of activations are scheduled to take place in March and June 2017 which will allow the remaining 2017 and 2018 jurisdictions to nominate the partners with which they will undertake automatic exchanges in the coming months. Ireland currently has agreements in place under the CRS with 50 jurisdictions and the UK has agreements with 47 jurisdictions.