OECD Model Mandatory Disclosure Rules for CRS Avoidance and Offshore Structures
Released 09 March 2018
The OECD has issued new model CRS avoidance disclosure rules for lawyers, accountants, financial advisors, banks and other service providers.
The aim of the new Organisation for Economic Co-operation and Development (OECD) publication Model Mandatory Disclosure Rules for CRS Avoidance Arrangements and Opaque Offshore Structures is to provide tax administrations with information on Common Reporting Standard (CRS) avoidance arrangements and opaque offshore structures, including the users of those arrangements and structures and those involved with their supply. The model rules require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for their clients to avoid reporting under the OECD/G20 CRS or prevent the identification of the beneficial owners of entities or trusts.