OECD issues new tax guidance for automatic exchange of financial account information

The Organisation for Economic Development and Co-operation (OECD) has published the second edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters to further support the consistent implementation of the Common Reporting Standard (CRS), reports CCH Daily.

It also sets out additional technical guidance on the handling of corrections and cancellations within the CRS XML Schema, as well as a revised and expanded set of correction examples. A set of FAQs has also been published.

Law society of Scotland under…