CRS

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The Common Reporting Standard (CRS) was developed by the Organization for Economic Cooperation and Development (OECD), in response to a G20 request, to be a global reporting standard for the automatic exchange of information (AEoI). The goal of CRS is to allow tax authorities to obtain a clearer understanding of financial assets held abroad, by their residents, for tax purposes. By 2018, more than 96 countries have agreed to share information on residents’ assets and incomes in conformation with reporting standards.

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