OECD: Response to EU request, more “CRS XML schema” fields

The Organisation for Economic Co-operation and Development (OECD) announced that the OECD has responded to a request from the European Commission to include additional fields in the common reporting standard (CRS) XML schema.

The EC request was made so as to further the work of the European Commission and the EU Member States on implementing a standard for the automatic exchange of financial information in tax matters within the European Union.

According to the OECD release, the agreed course of action includes a plan for adopting future changes to the CRS XML Schema, with a goal of a single global standard.

KPMG observation

Because there will be no additional fields added to the CRS XML schema until 2020, this effectively means that collection of this additional information would be from 2019 at the earliest.