Off-shore tax evasion is an issue as vast amounts of money are kept off-shore and are therefore untaxed. Therefore, The Organization for Economic Cooperation and Development (OECD) together with G20 countries and other stakeholders developed the Standard for Automatic Exchange of Financial (AEOI) Account Information to provide tax authorities with greater information on their resident’s wealth held abroad. CRS is based on the automated system that is similar to what jurisdictions previously developed for the purposes of the intergovernmental operationalization of the US laws commonly known as FATCA.
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