North America

OECD Releases CRS XML Schema and User Guide

Sovos
July 13, 2016

This blog was last updated on August 4, 2021

The OECD (Organisation for Economic Cooperative Development)  has released its schema for providing feedback related to CRS filings. This schema provides the standardized IT format by which error messages and notifications for incorrect or incomplete information will be sent between the Competent Authorities. As the OECD states, “With the first exchanges under the Common Reporting Standard for automatic exchange of financial account information being scheduled for September 2017, jurisdictions are now putting in place the required legislative, operational and IT framework. From an IT perspective, jurisdictions will rely on the CRS XML Schema, developed by the OECD as part of the CRS, for exchanging the information with each other and, in many instances, to receive information from their Financial Institutions.” The User Guide sets out the practical guidelines for using this schema. Additionally, this schema will be the standard format for error messages and notifications from a Competent Authority to a domestic Financial Institution. The CRS Status Message XML Schema allows Competent Authorities that have received CRS information through the CRS XML Schema to report back to the sending Competent Authority, whether the file received contained any of the file and/or record errors.

Learn More About How Sovos AEoI Can Help You Comply with OECD Recommendations and CRS Obligations

To read the OECD’s press release and to access the schema, please click here. At Sovos, we are here to help you comply with all your CRS obligations. To learn more about our comprehensive Sovos AEoI solution, please do not hesitate to reach and speak to a member of our Global team. We are experts in business-to-government compliance.

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Sovos

Sovos is a global provider of tax, compliance and trust solutions and services that enable businesses to navigate an increasingly regulated world with true confidence. Purpose-built for always-on compliance capabilities, our scalable IT-driven solutions meet the demands of an evolving and complex global regulatory landscape. Sovos’ cloud-based software platform provides an unparalleled level of integration with business applications and government compliance processes. More than 100,000 customers in 100+ countries – including half the Fortune 500 – trust Sovos for their compliance needs. Sovos annually processes more than three billion transactions across 19,000 global tax jurisdictions. Bolstered by a robust partner program more than 400 strong, Sovos brings to bear an unrivaled global network for companies across industries and geographies. Founded in 1979, Sovos has operations across the Americas and Europe, and is owned by Hg and TA Associates.
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