Golden Copy: Is ‘Gatca’ Readiness Slipping?
Little-seen update from standards architect shows changes in country line-up
At the start of this year, the first step towards implementation of the Common Reporting Standard (CRS) developed by the Organization for Economic Cooperation and Development (OECD) took effect – automatic registration of newly opened accounts – for global tax reporting compliance, in what is being informally called "Gatca."
The key figure, as it stands right now, is that 53 countries are signed on to the OECD's CRS plan, starting with that first step, and will be ready to regularly report relevant information from all accounts to national tax authorities under the standard by March 2017.
A new update from the OECD issued on January 27 – and probably little seen or noticed – now lists 79 countries that have signed up to what is formally called the "Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information," or informally, a statement of intent and readiness to adhere to CRS or Gatca.
At first glance, this update makes it seem like the number of countries that are prepared has increased. A second look, however, shows that the dates listed for when each country will be ready to first report information under CRS are now either September 2017 or September 2018, pushing back slightly from next March, or more significantly in the latter case. Of the 79 countries listed, 25 are expecting to start in 2018, meaning 54 will now report in September 2017, so the bottom line is an under-the-radar delay of at least six months. It's unclear what that means in tax-year terms from jurisdiction to jurisdiction.
Is this delay significant? Inside Reference Data would like to hear your thoughts. Feel free to comment here or in our LinkedIn group, which will host a dedicated discussion on CRS shortly.
Castles in the Sky
Occasionally, we columnists in the WatersTechnology group like to indulge some of our outside interests – pop culture, media, sports, and so on – on our platforms. This week, I have one. I gave some thought to a TV drama series (though is it really "TV" anymore if it's from Amazon?). I managed to semi-binge watch The Man in The High Castle and would like to share some thoughts on that with you here.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Regulation
Big questions linger as DORA compliance approaches
The major EU regulation will go live tomorrow. Outstanding clarifications and confusion around the definition of an ICT service, penetration testing, subcontracting, and more remain.
Insurance: The role of risktech in effectively managing emerging risks and driving competitive edge
This whitepaper covers the global survey, conducted by Chartis Research and TCS, of banking, financial services and insurance firms, which found that insurers are struggling to adapt to evolving risks and regulatory requirement increases. Chartis offers…
FX automation key to post-T+1 success, say custodians
Custody banks saw uptick in demand for automated FX execution to tackle T+1 challenges.
Observations and lessons to learn from the move to T+1
The next few years will see other jurisdictions around the world look to North America for guidance on transitioning to shorter settlement cycles.
Expanded oversight for tech or a rollback? 2025 set to be big for regulators
From GenAI oversight to DORA and the CAT to off-channel communication, the last 12 months set the stage for larger regulatory conversations in 2025.
DORA flood pitches banks against vendors
Firms ask vendors for late addendums sometimes unrelated to resiliency, requiring renegotiation
In 2025, keep reference data weird
The SEC, ESMA, CFTC and other acronyms provided the drama in reference data this year, including in crypto.
Waters Wavelength Ep. 299: ACA Group’s Carlo di Florio
Carlo di Florio joins the podcast to discuss regulations.