Call for carve out of Philanthropy Sector from OECD Common Reporting Standard

The OECD’s Common Reporting Standard (CRS), mainly aimed at banks and other financial institutions, has a primary purpose to enable tax authorities to automatically exchange certain types of information on an annual basis to better detect tax evasion and crimes/offenses. However, under its current wording, public-benefit foundations and non-profit organisations can fall under the label of “Financial Institutions”. This puts additional reporting requirements – and their significant burdens – on organisations that are controlled and monitored against misuse also in the context of tax evasion by existing registration and transparency requirements and are subject to public supervision. Read more here.
Source: Philea