Game Over For Common Reporting Standards (CRS) Avoidance. Learn The OECDs New Tax Disclosure Rules For Advisors

OECD Rules

According to the OECD, the OECD has issued new model disclosure rules that require lawyers, accountants, financial advisors, banks and other service providers to inform tax authorities of any schemes they put in place for clients under the OECD/G20 Common Reporting Standard or prevent the identification of the beneficial owners of entities and trusts.

In addition the OECD reported in September 2018 “as the reporting and automatic exchange of offshore financial accounts pursuant to the Common Reporting Standards (CRS) becomes a reality in over 100 jurisdictions this year, many taxpayers that held undeclared financial assets offshore have come clean to their tax authorities in recent years, which has already led to over 85 Billion of additional tax revenue. These new disclosure tools serve as a powerful deterrent and detect taxpayers that continue to game the rules and be tax compliant.

You can now download the OECD 47 page Model Mandatory Disclosure Rules For CRS Avoidance Arrangements And Opaque Offshore Structures

 

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