Timeline for Common Reporting Standards

Timeccw image 1line for Common Reporting Standards

 

 

 

1 January 2016Account opening procedures to be in place for new accounts to record the holders’ tax residence for ‘early adopter’ jurisdictions

May to September 2016 HMRC receives information from Crown Dependence and Overseas Territories (UK FATCA).

31 December 2016 Procedures to be in place for identifying high value (greater than US$250,000 or local currency equivalent) pre-existing individual accounts to be completed in ‘early adopter’ jurisdictions.

1 January 2017 – CRS will commence for ‘late adopter’ countries

March 2017 onwards First CRS reporting by financial institutions in ‘early adopter’ jurisdictions.

September 2017 First exchange of information between competent authorities begins in respect of 2016 data.

31 December 2017 For low-value pre-existing individual accounts (i.e less than $250,000 or local currency equivalent) identification procedures to be completed in ‘early adopter’ jurisdictions.

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