The road to global tax transparency

What is the purpose of the CRS?

To ensure that tax is being paid in the correct jurisdiction

To catch people not paying enough tax

To ensure that tax is being paid on time

To provide global tax transparency

What is the purpose of Fatca?

To bring in tax revenue from American individuals holding their wealth abroad

To prosecute tax avoiders in the US

To repatriate profits to the US from companies holding their reserves abroad

To catch tax evaders in the US

Why is it ironic that the US does not want to participate in the CRS?

Because they have a history of zero tolerance on tax evasion

Because the Americans contributed heavily to its development

Because they started the talks that led to the CRS

Because CRS has its origin in Fatca, an American piece of legislation

How does the CRS work?

Countries share information on individual taxpayers to check for correct payment in the correct jurisdiction

National tax groups share information on taxpayers

Data on individual taxpayers generated by financial institutions is compared with compared with tax returns held by tax authorities; discrepancies are investigated

A central organisation keeps a record of suspicious individuals which is shared internationally

Why is the CRS so labour-intensive?

Because over 100 jurisdictions are involved in information-sharing

Because it produces so many investigations

Because it requires the collection of a huge amount of data held on a range of different systems

Because it necessitates the collection of a huge amount of data

In which respect is the CRS a success?

It has stimulated the development of early detection technology

Nearly every country in the world has signed up to its rules

It has created a much more proactive attitude to catching tax evaders

It has made automatic exchange of information among a large number of jurisdictions the norm

Why might the collection of information required for the CRS be problematic?

Because there are different views of civil liberties in different countries

Because the more data recorded and stored, the more opportunities there are for hacking

Because different countries have different levels of technological capability

Because there isn't yet the ability to store that amount of data safely

How are experts characterising the use of technology in implementing the CRS?

Experts say that it has facilitated easy record-keeping, transmission and storage

Experts say it has made it easier for information to be stolen

Experts say that it has facilitated easy record-keeping, transmission and storage but has also made it easier for information to be stolen

Experts say that the use of technology across jurisdictions is patchy

Which of these is not a piece of information being shared between jurisdictions using CRS?

Date of birth

Address

Number of dependents

Name

Can the CRS be characterised as a success?

Yes - it has led to more transparency

No - there is no evidence to suggest that more tax is being paid as a result

It is a work in progress - we will have to wait and see

No - it has caused more trouble that it has solved problems

The road to global tax transparency

What is the purpose of the CRS?

What is the purpose of Fatca?

Why is it ironic that the US does not want to participate in the CRS?

How does the CRS work?

Why is the CRS so labour-intensive?

In which respect is the CRS a success?

Why might the collection of information required for the CRS be problematic?

How are experts characterising the use of technology in implementing the CRS?

Which of these is not a piece of information being shared between jurisdictions using CRS?

Can the CRS be characterised as a success?

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