The UK’s HM Revenue & Customs, on July 31, released draft implementing agreements and regulations for a common reporting standard for automatic exchange of information, and has requested stakeholder input on the submission.
Included are three model competent authority agreements: a model multilateral agreement, a model bilateral agreement, and a model non-reciprocal agreement. Also included is a draft annex to the agreements which details reporting requirements and due diligence procedures.
The discussion document will be the subject of an October 9 town hall meeting to be held at HM Treasury. Comments are due October 22.
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