US and OECD showdown seen looming over CRS

clock • 4 min read

A major showdown is looming over the US’s decision not to participate in the OECD’s Common Reporting Standard, according to observers of the ongoing efforts to introduce a global system for automatic exchange of tax-relevant financial information. The US has said it doesn’t see the need for it to be a party to the CRS, because it already gets the information it needs through the Foreign Account Tax Compliance  Act, which has come into force over the last three years, and requires all non-US financial institutions to report to the IRS about any accounts they have that belong to Americans....

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