The new system should automatically and systematically transmit all relevant information. The agreement has been informally referred to as GATCA (the global version of FATCA), but « CRS is not just an extension of FATCA. »  Of the 154 countries that have signed the Global Forum for Transparency and Exchange of Information for Tax Purposes, the following countries have not signed the IRS: While tax havens must provide some information, they may use a number of loopholes (uneven standards for information sharing, for example.B.  The Financial Transparency Coalition criticized the $73 cost of access to download the OECD report itself as « a perfect example of why this process must involve low-income countries from the outset. »  Transparency groups have responded in a number of ways, with some criticizing the fact that developing countries have not been taken into account and included.  The collection and provision of information can be so costly and difficult for developing countries that it is not possible to participate in the regime. Instead of offering a period of non-reciprocity during which developing countries could simply obtain financial data, the only mention of non-reciprocal agreements is the reception of tax havens.  Its aim is to combat tax evasion. The idea was based on the implementation agreements of the US Foreign Account Tax Compliance Act (FATCA), whose legal basis is the Convention on Mutual Tax Assistance. 97 countries have signed an implementation agreement and others intend to sign it at a later date. The first notifications took place in 2017, many of the others from 2018. The AIA agreement was signed by 101 countries around the world. It is not surprising that all countries have registered in the European Union, but you will also find in the list of other countries such as Switzerland, Seychelles, Panama, the British Virgin Islands or the Cayman Islands.
Here is the full list (AEOI – jurisdictions committed).