OECD Issues Mandatory Disclosure Rules to Combat CRS Avoidance and Offshore Structures

In December, the OECD issued a public consultation document, requiring mandatory disclosure rules to combat CRS avoidance and offshore structures. Comments are due January 15, 2018. The consultation document is prepared in response to the Bari Declaration, issued by the G7 Finance Ministers on 13 May, 2017.  It  calls on the OECD to start “discussing possible ways to address arrangements designed to circumvent reporting under the Common Reporting Standard or aimed at providing beneficial owners with the shelter of non-transparent structures.” The Declaration states that these discussions should include consideration of “model mandatory disclosure rules inspired by the approach taken for avoidance arrangements outlined within the BEPS Action 12 Report.”  The consultation document sets forth at the end of the document model legislation. The reason for the consultation document is that the International…

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