Should the United States Adopt CRS?
16 Pages Posted: 25 Sep 2019
Date Written: June 1, 2019
The United States’ one-sided approach to tax transparency might lead to an unprecedented clash with the European Union (EU) in the near future. In light of the EU’s deadline for the United States, the U.S. Treasury and Congress should urgently engage in a discussion on whether the United States should adopt the Common Reporting Standard (CRS) for automatic exchange of financial account information. A recent report from the U.S. Government Accountability Office considered this issue and did not recommend adopting CRS. This Essay discusses the contents of the report, as well as important considerations that were left out of the report.
Keywords: CRS, FATCA, AEOI, Automatic Exchange of Information, United States, Tax Haven, Tax Evasion, GAO
JEL Classification: K34
Suggested Citation: Suggested Citation