OECD reports on impressive results from CRS

More than 90 jurisdictions participating in the common reporting standard (CRS) have since 2018 exchanged information on 47 million offshore accounts with a total value of about €4.9tn according to the secretary-general of the Organisation for Economic Co-operation and Development (OECD) in his June international tax report to G20 finance ministers and central bank governors.

Voluntary disclosure of offshore accounts financial assets and income in the run-up to full implementation of the automatic exchange of information (AEOI) initiative resulted in more than €95bn in additional revenue over the 2009-2019 period. This cumulative amount is up by €2bn since the last reporting by the OECD in November 2018.

On the ‘fight’ against base erosion and profit shifting (BEPS) the secretary-general said: ‘The implementation of the standards to combat tax avoidance has been broad consistent and is continuing through the G20/OECD BEPS inclusive framework. Changes are massive and...