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 bad.
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.
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