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Multilateral Competent Authority Agreement of CRS

Author:baixin Source: Date:2017/4/7 16:58:02 Click:203 TAGS:CRS

On 12 July 2015, 53 jurisdictions signed an agreement to automatically exchange information based on Article 6 of the Convention on Mutual Administrative Assistance in Tax Matters.This agreement specifies the details of what information will be exchanged and when, as set out in the Standard.

All EU countries, China, India, Hong Kong, Russia and more than 100 other countries have agreed to become signatories.

However, there are still more than 100 countries which will not participate in the automatic information exchange. Many of those that have not signed are small countries.

The USA position is unusual. It has not signed this specific treaty.But it receives information relating to US citizens' accounts from many countries due to the compliance requirements of the FATCA act. The USA, in many cases will reciprocate by sharing banking data with those countries, for accounts that their citizens hold in the USA 

In April 2016, shortly after the release of the Panama papers, Panama agreed to comply with the standard.



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