Common Reporting Standard (CRS)

The Common Reporting Standard (CRS) is an international framework for the automatic exchange of tax information.

What is the CRS?

  • The Common Reporting Standard (CRS) is an international framework, developed by the OECD, for the automatic exchange of tax information between countries around the world.
  • All financial institutions will report clients' account details to the local tax authority, which will then exchange the information with the relevant jurisdictions.
  • There are more than 90 countries that have currently signed up to CRS, including Norway, Sweden, Denmark, the UK and the Netherlands.
  • Norway has committed to implementing CRS as an 'early adopter' with the new regime coming into force on 1 January 2016 and the first batch of reporting will be done in 2017.