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CRS 2017/1


COMMONWEALTH OF AUSTRALIA

Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016

I, Mark Konza, Deputy Commissioner of Taxation, make this declaration under sub-item 15(2) of the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 (transitional provisions).

1. Name of instrument
This instrument is the CRS committed jurisdiction list.

2. Commencement and Expiry
This instrument commences on 1 July 2017 and is repealed at the end of the day on 31 December 2019.

3. Application
Pursuant to sub-item 15(1) of the transitional provisions, this instrument applies to a Financial Institution (within the meaning of the CRS) that:

(a)
 is an Investment Entity (within the meaning of CRS) because of subparagraph A(6)(b) of Section VIII of the CRS; and
(b)
 is not a Participating Jurisdiction Financial Institution (within the meaning of the CRS); and
(c)
 would be a Participating Jurisdiction Financial Institution if the jurisdictions declared to be committed jurisdictions were Participating Jurisdictions (within the meaning of the CRS).

4. Determination
For the purposes of sub-item 15(1) of the transitional provisions, and pursuant to sub-item 15(2) of those provisions, the Commissioner declares the following jurisdictions shall be committed jurisdictions:

·
 Antigua and Barbuda
·
 Bahamas
·
 Barbados
·
 China
·
 Cook Islands
·
 Costa Rica
·
 Curacao
·
 Hong Kong
·
 Indonesia
·
 Israel
·
 Kuwait
·
 Lebanon
·
 Malaysia
·
 Marshall Islands
·
 Nauru
·
 Panama
·
 Poland
·
 Russia
·
 Saint Kitts and Nevis
·
 Saint Lucia
·
 Samoa
·
 Saudi Arabia
·
 Seychelles
·
 Sint Maarten
·
 United Kingdom

5. Definitions
CRS has the same meaning as defined in section 396-110 in Schedule 1 to the Taxation Administration Act 1953.

Financial Institution, Investment Entity, Participating Jurisdiction and Participating Jurisdiction Financial Institution all have the same meaning as defined under Part II.B of the Standard for Automatic Exchange of Financial Account Information in Tax Matters approved by the Council of the Organisation for Economic Co-Operation and Development on 15 July 2014.


Dated: 26 June 2017
Mark Konza
Deputy Commissioner of Taxation



Registration Number: F2017L00852
Registration Date: 30 June 2017

Related Explanatory Statements:
CRS 2017/1 - Explanatory Statement



 


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