CRS is a global reporting standard for the automatic exchange of information (AEOI) set forth by the Organization for Economic Cooperation and Development (OECD). More than 96 countries have agreed to share information on residents’ assets and incomes in conformation with reporting standards. It is more wide reaching than FATCA and requires a unified, cross-team effort to ensure readiness and compliance.
Grenada is an early adopter to the CRS and would be reporting in the year 2018. The Mutual Exchange of Information on Taxation Matters (Amendment) Act, 2017 was published in the Gazette on 28th July, 2017 and brought into force on 29th September, 2017.