OECD Consolidated Text of the Common Reporting Standard (2025)

Document Overview

Summary and analysis of the official DITC document: OECD Consolidated Text of the Common Reporting Standard (2025).

Key Concepts Covered

• Common Reporting Standard (CRS)
• FATCA
• Self-Certification
• Reporting Financial Institution
• Reportable Jurisdiction
• Penalties and Enforcement

Deadlines & Timelines Mentioned

•  3 CONSOLIDATED TEXT OF THE COMMON REPORTING STANDARD (2025) © OECD 2025 Foreword In February 2014, the OECD adopted the Standard for Automatic Exchange of Financial Account Information in Tax Matters, also referred to as the Common Reporting Standard (CRS).
• Further to a comprehensive review of the CRS, the OECD adopted a set of amendments in August 2022.
• Review of Preexisting Entity Accounts with an aggregate account balance or value that exceeds USD 250 000 as of 31 December [xxxx] must be completed by 31 December [xxxx].
• The term “Lower Value Account” means a Preexisting Individual Account with an aggregate balance or value as of 31 December [xxxx] that does not exceed USD 1 000 000.
• The term “High Value Account” means a Preexisting Individual Account with an aggregate balance or value that exceeds USD 1 000 000 as of 31 December [xxxx] or 31 December of any subsequent year.
• The following examples illustrate, in general, the application of paragraph A: • Example 1 (Account that becomes a Reportable Account): An account is opened on 28 May 00 and is identified as a Reportable Account on 3 December 01.
• However, on 24 March 02, the Account Holder ceases to be a Reportable Person and, as a consequence, the account ceases to be a Reportable Account.
• Because the account ceased to be a Reportable Account on 24 March 02, information with respect to that account is not required to be reported in calendar year 03 nor afterwards, unless the account once again becomes a Reportable Account in calendar year 03 or any subsequent calendar year.
• • Example 3 (Account that is closed): An account is opened on 9 September 04 and becomes a Reportable Account on 8 February 05.
• However, on 27 September 05, the Account Holder closes the account.
• Because the account ceased to be a Reportable Account on 24 March 02, information with respect to that account is not required to be reported in calendar year 03.
• Thus, if the reporting period ends with the calendar year, then the relevant balance or value must be determined as of 31 December of the calendar year.
• According to subparagraph C(6), if a Preexisting Individual Account is not a High Value Account as of 31 December [xxxx] (i.e.
• Paragraph A exempts from review all Preexisting Entity Accounts with an account balance or value that does not exceed USD 250 000 as of 31 December [xxxx], until such balance or value exceeds USD 250 000 as of the last day of any subsequent calendar year.
• with an account balance or value that exceeds USD 250 000 as of 31 December of any calendar year) must be reviewed in accordance with the procedures set forth in paragraph D.

Document Snippet

Consolidated text of the Common Reporting Standard (2025) Standard for Automatic Exchange of Financial Account Information in Tax Matters  1 CONSOLIDATED TEXT OF THE COMMON REPORTING STANDARD (2025) © OECD 2025 Consolidated text of the Common Reporting Standard (2025) Standard for Automatic Exchange of Financial Account Information in Tax Matters PUBE 2  CONSOLIDATED TEXT OF THE COMMON REPORTING STANDARD (2025) © OECD 2025 This work is published under the responsibility of the Secretary -General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Please cite this publication as: OECD (2025), Consolidated text of the Common Reporting Standard : Standard for Automatic Exchange of Financial Account Information in Tax Matters, OECD Publishing, Paris, https://doi.org/10.1787/055664b1-en. The statistical data for Israel are supplied by and under the r...