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.
