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Automatic Exchange of Information
Committed Countries

On 1 January 2016 the automatic exchange of financial account information in tax matters came into effect. Ignorance is of course no excuse and ignoring the matter can result in trouble.

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What is Automatic Exchange of Information (AEoI)?

It is a Global Common Reporting and Due Diligence Standard (CRS) which is developed by the Organisation for Economic Co-operation and Development (OECD) in cooperation with G20 and the European Union. As per latest available update 89 countries have committed to implement AEoI either by September 2017 or September 2018. In terms of AEoI’s implementation, the CRS will need to be translated into domestic law, whereas the Competent Authority Agreements can be executed within existing legal frameworks such as Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters or the equivalent of Article 26 in bilateral Double Tax Treaties.

In plain English, governments participating in this will obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. The purpose behind this initiative is the protection of the integrity of the tax systems of each participating country and suppress the tax evasion through offshore jurisdictions.

What will be reported and by whom?

All financial institutions (banks, custodians, treasury, brokers, certain collective investment vehicles and specified insurance companies) will report the following information:

  • Investment income (interest, dividends, income from certain insurance contracts);
  • Account balances;
  • Sales proceeds from financial assets; and
  • Other income generated with respect to assets held in the account or payments made with respect to the account.

Reportable accounts and persons

  • Individual accounts (name, address, residency, TIN, date & place of birth);
  • Corporate accounts (trusts & foundations) (name, address, residency, TIN)
  • Individuals that ultimately control the entities, trusts and foundations (passive NFE) (name, address, residency, TIN, date & place of birth);
  • Estate of decedents.

Which countries are participating and when?

Country Reporting Date
Albania Albania Sept 2018
Andorra Andorra Sept 2018
Anguilla Anguilla Sept 2017
Antigua and Barbuda Antigua and Barbuda Sept 2018
Argentina Argentina Sept 2017
Aruba Aruba Sept 2018
Australia Australia Sept 2018
Austria Austria Sept 2018
Bahamas The Bahamas Sept 2018
Barbados Barbados Sept 2017
Belgium Belgium Sept 2017
Belize Belize Sept 2018
Bermuda Bermuda Sept 2017
Brazil Brazil Sept 2018
British Virgin Islands British Virgin Islands Sept 2017
Brunei Darussalam Brunei Darussalam Sept 2018
Bulgaria Bulgaria Sept 2017
Canada Canada Sept 2018
Cayman Islands Cayman Islands Sept 2017
Chile Chile Sept 2018
China China Sept 2018
Colombia Colombia Sept 2017
Cook Islands Cook Islands Sept 2018
Costa Rica Costa Rica Sept 2018
Croatia Croatia Sept 2017
Curacao Curaçao Sept 2017
Cyprus Cyprus Sept 2017
Czech Republic Czech Republic Sept 2017
Denmark Denmark Sept 2017
Dominica Dominica Sept 2017
Estonia Estonia Sept 2017
Faroe Islands Faroe Islands Sept 2017
Finland Finland Sept 2017
France France Sept 2017
Germany Germany Sept 2017
Ghana Ghana Sept 2018
Gibraltar Gibraltar Sept 2017
Greece Greece Sept 2017
Greenland Greenland Sept 2017
Grenada Grenada Sept 2018
Guernsey Guernsey Sept 2017
Hong Kong Hong Kong (China) Sept 2018
Hungary Hungary Sept 2017
Iceland Iceland Sept 2017
India India Sept 2017
Indonesia Indonesia Sept 2018
Ireland Ireland Sept 2017
Isle of Man Isle of Man Sept 2017
Israel Israel Sept 2018
Italy Italy Sept 2017
Japan Japan Sept 2018
Jersey Jersey Sept 2017
Kuwait Kuwait Sept 2018
Latvia Latvia Sept 2017
Liechtenstein Liechtenstein Sept 2017
Lithuania Lithuania Sept 2017
Luxembourg Luxembourg Sept 2017
Macao Macao (China) Sept 2018
Malaysia Malaysia Sept 2018
Malta Malta Sept 2017
Marshall Islands Marshall Islands Sept 2018
Mauritius Mauritius Sept 2017
Mexico Mexico Sept 2017
Monaco Monaco Sept 2018
Montserrat Montserrat Sept 2017
Nauru Nauru Sept 2018
New Zealand New Zealand Sept 2018
Netherlands Netherlands Sept 2017
Niue Niue Sept 2017
Norway Norway Sept 2017
Poland Poland Sept 2017
Portugal Portugal Sept 2017
Qatar Qatar Sept 2018
Romania Romania Sept 2017
Russia Russia Sept 2018
Saint Kitts and Nevis Saint Kitts and Nevis Sept 2018
Saint Lucia Saint Lucia Sept 2018
Saint Maarten Sint Maarten Sept 2018
Saint Vincent and the Grenadines Saint Vincent and the Grenadines Sept 2018
San Marino San Marino Sept 2017
Samoa Samoa Sept 2018
Saudi Arabia Saudi Arabia Sept 2018
Seychelles Seychelles Sept 2017
Singapore Singapore Sept 2018
Slovak Republic Slovak Republic Sept 2017
Slovenia Slovenia Sept 2017
South Africa South Africa Sept 2017
South Korea Korea Sept 2017
Spain Spain Sept 2017
Sweden Sweden Sept 2017
Switzerland Switzerland Sept 2018
Trinidad and Tobago Trinidad and Tobago Sept 2017
Turkey Turkey Sept 2018
Turks and Caicos Islands Turks and Caicos Islands Sept 2017
United Arab Emirates United Arab Emirates Sept 2018
United Kingdom United Kingdom Sept 2017
Uruguay Uruguay Sept 2018
Vanuatu Vanuatu Sept 2018

https://www.world.tax/articles/automatic-exchange-of-information-committed-countries.php

OECD (OCSE) Cyprus has been found non-compliant, like Luxembourg, the British Virgin Islands and the Seychelles.

OECD (OCSE) Cyprus has been found non-compliant, like Luxembourg, the British Virgin Islands and the Seychelles.

International tax rules have been designed to eliminate double taxation. Unfortunately, as they have not kept pace with the way business operated in a global environment, they have facilitated double non-taxation. As countries are keen on remaining sovereign from a tax perspective (consent to tax is at the core of sovereignty in our democracies), harmonisation has proved difficult if not impossible, even in the European Union. This is why the international efforts are targeted at better co-ordination rather than harmonisation to limit avoidance risks.

The Global Forum conducts peer reviews of all its 122 members to assess whether their laws and practices are in accordance with the international standard. These reviews are published and all countries are rated on their performance. The Global Forum has undertaken more than 100 reviews and has now finalised the ratings of 71 jurisdictions. Overall, its members have shown a remarkable commitment to bringing their laws and practices into line with the standard, thus allowing them to answer requests for information from their international partners. For example, many jurisdictions have abolished or immobilised bearer shares or amended their laws to allow access to bank information as result of recommendations made during their peer reviews.  However, where a jurisdiction’s laws or practices do not allow for exchange of information in accordance with the international standard, that country may be given a rating of Non-Compliant or Partially Compliant depending on the seriousness of the deficiencies. In addition, there are currently 12 jurisdictions that cannot be rated because their legal and regulatory frameworks are not considered sufficiently robust to allow this. As you know, Cyprus has been found non-compliant, like Luxembourg, the British Virgin Islands and the Seychelles.

Pascal Saint-Amans
director of the OECD Centre for Tax Policy and Administration at OECD

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