Launched: the automatic exchange of financial account information between Germany and 49 other countries (CRS, Common Reporting Standard)
In September 2017, for the first time, Germany carried out the automatic exchange of financial account information with 49 other countries from all over the world. In the fight against cross-border tax fraud and tax evasion, closer cooperation between the national tax authorities is indeed essential. More than 100 countries and territories have currently registered for the automatic exchange of financial account information. The next data exchange, which is expected to involve additional countries and territories, is scheduled for September 2018.
The automatic exchange of financial account information is the systematic and regular transfer of strictly defined tax information – Common Reporting Standard – on certain types of income at a fixed time between states and territories.
As a result, the German tax authorities are now most extensively informed about foreign income generated by most taxpayers.