Germany: We will exchange information with you

In early February of this year, the Ministry of Finance of the Federal Republic of Germany published an updated list of countries and territories with which the state will automatically exchange information on financial accounts until September 30, 2021.

The automatic exchange is carried out in accordance with the OECD Common Reporting Standard (CRS) and includes account information provided by financial institutions before July 31, 2021. This standard is an international initiative of the OECD aimed at improving tax transparency, which has been supported by more than 100 jurisdictions around the world.

At the moment, the list of territories for automatic information exchange includes 109 jurisdictions, including the Russian Federation. It is worth noting that the list also includes a number of states in respect of which Germany has not assumed obligations to carry out automatic exchange on a mutual basis. In this case, the relevant jurisdiction will transmit the information, but will not receive information from the German side.

It is assumed that the specified list is not final, but is the subject to revision. New additions will be made by the end of June 2021.

Link to source: https://www.bundesfinanzministerium.de/Content/DE/Downloads/BMF_Schreiben/Internationales_Steuerrech...