OECD launches facility to report CRS avoidance schemes


The Organisation for Economic Co-operation and Development (OECD) has launched a disclosure facility on its automatic exchange portal that allows individuals to disclose common reporting standard (CRS) tax avoidance schemes.

The OECD said the facility is one of three initiatives it has launched to deal with schemes that avoid reporting under the CRS.

The CRS already requires jurisdictions to implement anti-abuse rules to prevent any practices intended to circumvent the reporting and due diligence procedures.

The OECD also said there are now more than 1,800 bilateral relationships in total in place across the globe for the automatic exchange of CRS information.

OECD, Organisation for Economic Co-operation and Development, CRS, Tax

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