OECD-税务事项中财务信息自动交换标准执行手册（英文）-2018.9-174页-3mb

OECD Standard for Automatic Exchange of Financial Information in Tax Matters - Implementation Handbook Summary

Core Content

The OECD Standard for Automatic Exchange of Financial Information in Tax Matters (CRS) is a framework designed to enhance cross-border tax transparency and combat offshore tax evasion. This Implementation Handbook provides a practical guide for governments to translate the CRS into domestic law and implement it effectively.

Main Requirements for Implementation

The Handbook outlines four core requirements for implementing the CRS:

1. Translating Reporting and Due Diligence Rules into Domestic Law

   • Financial institutions must collect and report specified information to the tax administration in their jurisdiction.
   • The Common Reporting Standard (CRS) provides standardized due diligence and reporting rules to ensure consistency in the scope and quality of information exchanged.
   • Jurisdictions must consider how to incorporate optional provisions and substantive details from the Commentary into their domestic laws.

2. Selecting a Legal Basis for Automatic Exchange of Information

   • A legal instrument must be established to facilitate the exchange of information between jurisdictions.
   • This includes the Model Competent Authority Agreement (CAA), which links the CRS to the legal basis for exchange.

3. Putting in Place IT and Administrative Infrastructure

   • Financial institutions and tax administrations must have the necessary IT systems and administrative resources to collect, report, and exchange information.
   • The process includes collecting and reporting information, receiving information to send, and transmitting and receiving information between jurisdictions.

4. Protecting Confidentiality and Safeguarding Data

   • Measures must be in place to ensure the confidentiality of the exchanged information and to safeguard data against unauthorized access or disclosure.

Key Definitions and Procedures

The Handbook provides detailed discussions on key definitions and procedures in the CRS, including:

• Preexisting Accounts: Jurisdictions may expand the definition to include certain new accounts held by preexisting customers, allowing the use of prior due diligence procedures.
• Related Entities: Defined as entities under common control or one entity controlling another. Jurisdictions may modify this definition to include funds under common management.
• Reportable Accounts: Determined based on the account holder or their controlling persons. The CRS includes specific rules for identifying reportable accounts and applying due diligence procedures accordingly.
• Trusts: Special treatment is given to trusts, particularly as Passive NFEs or Reporting Financial Institutions. Jurisdictions must ensure proper identification of controlling persons and apply due diligence procedures accordingly.

Optional Provisions

The Handbook highlights several optional provisions that jurisdictions may adopt:

• Alternative approaches for calculating account balances: Jurisdictions may use average balances instead of end-of-year balances.
• Use of alternative reporting periods: Jurisdictions may choose to use non-calendar year reporting periods.
• Phasing in gross proceeds reporting: Reporting institutions may delay the requirement to report gross proceeds to allow for system readiness.
• Filing of nil returns: Financial institutions may be required to file nil returns if they do not hold any reportable accounts during a reporting period.
• Use of third-party service providers: Financial institutions may outsource due diligence and reporting obligations to third-party service providers.
• Exclusion of preexisting entity accounts below $250,000: Jurisdictions may allow financial institutions to exclude such accounts from due diligence unless they exceed this threshold.
• Documentation procedures for group insurance contracts: Financial institutions may treat certain group insurance contracts as non-reportable accounts until an amount is payable to an individual.
• Use of standard industry coding systems: Financial institutions may rely on standard industry codes for documenting due diligence.
• Currency translation: Jurisdictions may allow the use of local currency equivalents for reporting amounts in US dollars.

Differences with FATCA Model IGA

Part III of the Handbook compares the OECD CRS with the US Foreign Account Tax Compliance Act (FATCA) Model Intergovernmental Agreement (IGA). It highlights the differences between the two frameworks and suggests whether a single approach could be adopted for both systems of reporting.

Frequently Asked Questions (FAQs)

Annex I contains Frequently Asked Questions (FAQs) on the application of the CRS, which are regularly updated on the AEOI Portal. These FAQs clarify the Standard and provide additional guidance to ensure consistency in implementation and reduce queries from governments.

Conclusion

The CRS Implementation Handbook is a living document intended to assist jurisdictions in translating the OECD Standard into domestic law and ensuring its effective implementation. It provides a comprehensive guide to the key steps, definitions, and procedures required for the automatic exchange of financial information in tax matters.