XML AUTHORITY.
Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) is an information standard for the automatic exchange of tax and financial information (AEOI) on a global level, which the Organisation for Economic Co-operation and Development (OECD) developed in 2014. Its purpose is to combat tax evasion. The idea was based on the USA Foreign Account Tax Compliance Act (FATCA) implementation agreements and its legal basis is the Convention on Mutual Administrative Assistance in Tax Matters.
The CRS, developed in response to the G20 request and approved by the OECD Council on 15 July 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis.
To date, there are over 150 countries that have signed an agreement to implement it.
CONTENTS.
The Common Reporting Standard (CRS) sets out:
- the financial account information to be exchanged,
- the financial institutions required to report,
- the different types of accounts and taxpayers covered,
- as well as common due diligence procedures to be followed by financial institutions.
CRS XML SCHEMA.
XML Authority’s schema library contains the OECD Common Reporting Standard (CRS) XML schema and local jurisdiction variations.
SIMPLIFY REPORTING.
XML Authority’s intuitive user interface makes producing valid Common Reporting Standard (CRS) XML filings easy with little or no training.
The user guide provided by the OECD can be difficult to interpret. Using XML Authority’s simple presentation of the schema as a set of forms and tables, a detailed understanding of the data requirements can be gained at a glance.
HIDE COMPLEXITY.
Reports can be further simplified by eliminating non-relevant sections using the Schema Masking functionality.
Easly hide non-mandatory elements (individual reporting elements or entire report sections) which not only simplifies the schema layout but also reduces the complexity of your required import data.
AUTOMATE AND REDUCE ERRORS.
Save time and reduce errors by importing data from XML Authority generated Microsoft Excel import templates or linking to data in relational databases.
Create a set of related tables from which to read data which conform to the Country by Country Reporting schema using database scripts generated by XML Authority itself.
ACCURATE REPORTING.
Be assured that your data is in compliance with the requirements of the schema through XML Authority’s validation functionality.
Get real-time feedback on the validity of data input and use the interactive Validations panel to help find and navigate to issues which would cause rejection at your local Tax Authority’s submission gateway.
