The OECD recently published several major updates relating to the implementation of the Common Reporting Standard (CRS) on its website.
These include a consolidated version of the reference text, new technical specifications for the XML schema, and the launch of a new unified portal bringing together all relevant resources.
1. Publication of the CRS consolidated text
The OECD has published a consolidated version of the CRS incorporating the successive amendments made since August 2022. This document brings together the updated requirements applicable to financial institutions in terms of due diligence and reporting.
The amendments made to the 2014 text of the CRS standard appear:
- Additions are in bold italics and underlined,
- Deletions are crossed out.
You can consult our publication dated 11/07/2023 regarding the changes made:
2. New XML schema specifications released
The OECD has also published a new version of the XML schema to be used by Monegasque financial institutions to submit their annual reports.
The report includes a user guide describing:
- The technical structure of the XML message,
- The types of errors recognized,
- The processing and feedback procedures.
This document is essential for ensuring that the reporting solutions used by reporting financial institutions are kept up to date.
The new format must be used in 2027 for reporting for the 2026 fiscal year.
You can consult our publication dated October 8, 2024, regarding the changes made:
3. New AEOI portal: centralized access to resources
The OECD has redeployed its CRS implementation portal on its main website, in the section dedicated to the Global Forum on Transparency and Exchange of Information for Tax Purposes, accessible through the “Resources” tab.
This portal provides centralized access to all resources useful for the practical implementation of the CRS, including:
- The implementation of the CRS by jurisdiction,
- Local tax residency rules,
- Tax identification number (TINs) formats,
- And other reference documents, forms, or technical guides published by the OECD.
This change permanently removes the old portal, which is no longer accessible. We therefore recommend adding this new link to your favorites for future reference.
The team is at your disposal if you would like to discuss these topics in more detail.