The first exchanges will take place in 2017.
For the tax compliance professionals working for the
financial institutions who will supply the information to be
exchanged, the CRS is likely to take over their lives until
smooth operation can be assured, though many will be already
working on compliance with the Foreign Account Tax Compliance
Act (FATCA), so perhaps getting used to the CRS will not be as
As far as FATCA was concerned, 2014 was all about the law
taking effect, which it did on July 1, six months later than
planned. Almost 90,000 financial institutions registered on the
online portal to be FATCA compliant by that date and many more
have done so. Towards the end of the year the US Treasury
clarified the position of those jurisdictions that had
agreed-in-substance an intergovernmental agreement with the US
before July 1, but had not signed it by the end of 2014.
Also in July, the Australian Tax Office (ATO) took the first
steps towards outsourcing tax assurance for large businesses by
setting up a pilot programme. Under the plans tax advisers
would be allowed to do some of this work.
Tax commissioners in the Forum on Tax Administration agreed
to work more closely together, including enlarging the former
Joint International Tax Shelter Information Centre and giving
it a new name.
And while one survey that company bosses were in favour of
more tax transparency, tax justice campaigners accused the G8
of breaking its promises on the topic.
These and other stories are included below in our selection
of the top tax compliance stories of 2014.
Multilateral agreement on automatic exchange of information
signed in Berlin
FATCA takes effect and brings era of continuous
US clarifies position of jurisdictions with unsigned IGAs under
Australian Taxation Office considers outsourcing tax assurance
for large businesses
Forum on Tax Administration unveils plans for closer
Survey of company bosses shows appetite for more tax
G8 has "broken promises" on tax transparency
Finance Bill gives UK tax authorities more weapons against
Thomson Reuters honours Taxologists
UK becomes first to implement EU rules on reporting for
Reporting requirements increase compliance burden for Mexican
OECD announces three-part plan to open BEPS talks to more