Italy’s Ministry of Economy and Finance has issued a decree updating the list of jurisdictions considered reportable and participating under the Common Reporting Standard (CRS). The updated list, released in the Official Journal on 6 May 2025, includes Armenia, Moldova, Ukraine, and Uganda.
The Common Reporting Standard (CRS), developed by the OECD in 2014, sets out a framework for the automatic exchange of financial account information between tax authorities worldwide.
It is designed to help prevent tax evasion by enabling countries to share data on financial accounts held by non-residents. The CRS draws on elements of the US Foreign Account Tax Compliance Act (FATCA) and is based on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Over 120 jurisdictions have committed to implementing the CRS, with reporting beginning in 2017 for early adopters and expanding in 2018.
