Iceland has signed the Addendum to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (Addendum to the CRS MCAA).
The Addendum to the CRS MCAA introduces new data points for exchange under the agreement, reflecting the enhanced reporting requirements outlined in the 2023 update to the Common Reporting Standard.
The Common Reporting Standard (CRS) was designed to promote tax transparency regarding financial accounts held abroad. Since it was adopted in 2014, over seven years have passed, during which time over 100 jurisdictions have implemented the CRS, and financial markets have continued to evolve, giving rise to new investment and payment practices.
Since the Standard for Automatic Exchange of Financial Account Information in Tax Matters was approved in 2014, it has been implemented by jurisdictions and financial institutions worldwide. Considering the experience gained and the growing digitalisation of financial markets, a comprehensive review of the Standard was undertaken.
As a result, this publication includes the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS), along with associated Commentaries and exchange of information frameworks, as approved by the Committee on Fiscal Affairs, which now collectively represent the International Standards for Automatic Exchange of Information in Tax Matters.
As of 13 March 2025, 54 jurisdictions have signed the Addendum to the CRS MCAA.
