THE BBS CALL OF DUTY: COMMON REPORTING STANDARDS
The Common Reporting Standards (CRS) were developed in response to the G20 request and approved by the Organisation for Economic Co-operation and Development (OECD) on 15 July 2014 that requires all participating jurisdiction to obtain information from their financial institutions and exchange that information with other jurisdiction on a yearly basis.
As international influence develop for all taxpayers to make, hold and manage investments through financial institutions outside of their country of residence. Countries have a shared interest in maintaining their integrity of their tax systems. Co-operations between tax administrations in different jurisdiction is protecting their integrity of their tax systems.