The Organisation for Economic Co-Operation and Development (OECD) developed the Standard for the Automatic Exchange of Financial Account Information in Tax Matters. The Standard encompasses the Common Reporting Standard (CRS).Reporting Financial Institutions in participating jurisdictions are required to determine and report on financial account information of foreign tax residents to the financial institutions’ local Tax Authority. Such information is then automatically exchanged annually between jurisdictions where there is a treaty and a basis for such exchange (or retained by the local Tax Authority in the absence of a legal basis for exchange).On 9 October 2020, the South African Minister of...