DOELSTELLING

The OECD (Organisation for Economic Cooperation and Development) CRS is a big step towards a globally coordinated approach to disclosure of income earned by individuals and organizations.  As a measure to counter tax evasion, it builds upon other information sharing legislation, such as FATCA (the US Foreign Account Tax Compliance Act) and the European Union (EU) Savings Directive. 

To satisfy the new single global Standard for the automatic exchange of financial account information between tax authorities worldwide, countries must obtain information from their financial institutions and exchange that information automatically with partner countries annually. Without global reach, individuals or organizations can simply route investments through other countries and evade their local tax authorities.