The purpose of this CRS Implementation Handbook is to assist government officials in the implementation of the Standard for the Automatic Exchange of Financial Account Information in Tax Matters and to provide a practical overview of the Standard to both the financial sector and the public at-large.

Changes reflected in this edition of the Handbook provide additional and more up-to date guidance on certain areas related to the effective implementation of the Standard. This includes revisions to sections pertinent to the legal framework for implementation of the Automatic Exchange of Information (AEOI), data protection, IT and administrative infrastructures as well as compliance measures.

In Part I an overview of the steps required for a government to implement the Standard and the key conceptual considerations in this process are provided. Part II contains a detailed discussion on the conceptual framework contained in the Standard, including the key definitions and procedures. Additionally, the differences between the FATCA Intergovernmental Agreement (“IGA”) and the Standard are also highlighted in Part III.

Furthermore, at the very end of this handbook, you can find all Frequently Asked Questions (FAQ), received from business and government Delegates, in relation to the Common Reporting Standard (CRS) that have so far been issued by the OECD. The answers to such questions clarify the Standard further and provide additional assistance to enhance consistency in implementation and reduce the number of queries that governments are receiving.

Last but not the least, is the fact that the Handbook is drafted in plain language, with a view of making the content of the Standard as accessible as possible to readers. We strongly recommend the handbook to inform yourself and your team about this topic. You can access the report on the following link.