• Automatic Exchange of Information
    Committed Countries

    By B2B Lateral Thinking Solutions

    06-04-2015

    This article was last reviewed on 30-08-2017.

    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.

    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
    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
    Bahrain Bahrain Sept 2018
    Barbados Barbados Sept 2018
    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 2018
    Cyprus Cyprus Sept 2017
    Czech Republic Czech Republic Sept 2017
    Denmark Denmark Sept 2017
    Dominica Dominica Sept 2018
    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 2018
    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
    Lebanon Lebanon Sept 2018
    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 2018
    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 2018
    Norway Norway Sept 2017
    Panama Panama Sept 2018
    Pakistan Pakistan Sept 2018
    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 2018
    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

    Source: http://www.oecd.org/tax/transparency/AEOI-commitments.pdf.

    Latest News:

    23.12.2015: Greenland signs the Multilateral Competent Authority Agreement.
    17.12.2015: China signs the Multilateral Competent Authority Agreement.
    15.12.2015: Monaco signs the Multilateral Competent Authority Agreement.

    What should you do?

    You can get in touch with our specialists at B2B Lateral Thinking Solutions to discuss your current arrangements and device a plan!

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  • The information provided in this article is for general information purposes only. The information is not intended to be comprehensive or to include advice on which you may rely. You should always consult a suitably qualified professional on any specific matter.

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