CRS 2.0: Key Revisions

On March 22, 2022, the Organisation for Economic Co-operation and Development (OECD) released a Public Consultation Document addressing two major topics:

1. Introducing a new global tax transparency framework to enable the reporting and exchange of information on crypto-assets.
2. Revising the Common Reporting Standard (CRS).

For a detailed discussion of the first topic, readers can refer to the article "Tax Authorities Are Looking for Your Cryptos." This article will focus on the second topic—namely, the revisions to CRS, which have become a growing concern for high-net-worth individuals (HNWIs).

The original CRS rules were established in 2014, and after eight years, the OECD has deemed it necessary to introduce significant updates. These proposed revisions were open for public consultation until the end of May 2022 and were subsequently submitted for approval during the G20 Summit in Indonesia in October 2022. Let’s dive into the major changes proposed by the OECD for CRS.