Amended Common Reporting Standard XML Schema

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The document serves as a user guide for the Amended Common Reporting Standard (CRS) XML Schema, which facilitates the automatic exchange of financial account information between tax administrations [6][11] - The CRS is designed to enhance transparency and combat tax evasion by enabling jurisdictions to obtain and exchange financial information on reportable accounts [11][12] - The XML schema is structured to support the reporting requirements of the CRS, including detailed specifications for data elements and their attributes [12][13] Summary by Sections Introduction - The OECD, in collaboration with G20 countries, developed a common standard for reporting and exchanging financial account information [11] - The schema is a technical solution for holding and transmitting information electronically [11][12] CRS Schema Information - The schema includes a message header, details about account holders, and reporting financial institutions [13] - It reuses elements from the FATCA schema, indicating some elements are optional for CRS reporting [15] Guidance on Correction Process - The user guide provides instructions on how to correct data items within a file that can be processed automatically [12][16] Appendix A - Contains diagrams representing the CRS XML Schema with all its elements [17] Appendix B - Includes a glossary of namespaces for the CRS XML Schema [17]