The OECD revealed earlier this week that its automatic exchange of information program or the Common Reporting Standard (CRS) disclosed approximately 11 trillion Euros held in 84 million bank accounts in 100 participating nations.
According to Angel Gurriá, the OECD’s Secretary General, “The discovery of previously hidden accounts thanks to automatic exchange of information has and will lead to billions in additional tax revenues.”
“voluntary disclosure programmes, tax investigations and related measures before the start of automatic exchange in 2017 and since then, have already led to the identification of more than 100 billion euros of additional tax revenues worldwide.”
104 countries accepted this standard and new participants join each year.
Are there still countries where this set of rules does not apply?
The answer is yes! Serbia is still not one of 104 countries that signed the AEOI convention. It is not even on the list of countries that set a date to join.
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