In the South African context, the AEOI was until recently linked to the information exchange process between South Africa (SA) and the United States. In 2013, the National Treasury and the South African Revenue Service (SARS) began negotiations with the U.S. Department of Finance to draft an intergovernmental agreement (IGA) on the U.S. Account Compliance Act (FATCA). AEOI, however, goes well beyond the SA/US IGA on US FATCA. Implementation of uk agreements with crown dependencies to improve international tax compliance A key element in the successful implementation of the IRS is the establishment of an international framework for the automatic exchange of IRS information between jurisdictions. More than 95 legal systems have committed to the exchange of information within the IRS and, as noted above, exchanges between legal systems are generally based on the multilateral convention and the Multilateral Competent Authority IRS Convention (MCAA CRS), which is itself based on Article 6 (AIA) of the Multilateral Convention. In limited cases where it is not yet possible to rely on the multilateral convention and the IRS-MCAA to exchange information, legal systems can rely on bilateral agreements such as bilateral double taxation agreements (DBA) or tax information exchange agreements (TIEAs). This publication is available under www.gov.uk/government/publications/automatic-exchange-of-information-agreements-other-uk-agreements/automatic-exchange-of-information-agreements-other-uk-agreements Under the Uk-U.S. Automatic Exchange of Information Agreement, all overseas kronor and territories dependencies that have entered into an automatic exchange of tax information with the United Kingdom are available. As part of these agreements, information on financial accounts for the years 2014 to 2016 was exchanged. Subsequently, the United Kingdom and all crown dependencies and overseas territories adopted the Common Reporting Standard (SIR) for the exchange of information on financial accounts.
Since 2017, the IRS has completely replaced these old automatic exchange of tax information agreements. The agreements were triggered by the U.S. Account Compliance Act (FATCA). Each jurisdiction wanted to include an intergovernmental agreement (IGA) on the implementation of FATCA. As the latter are considered international treaties, they would require the agreement of the United Kingdom. It was therefore agreed that equivalent information transmitted to the United States would be communicated to the United Kingdom. The United Kingdom has concluded with its three Crown Dependencies (CD) (Guernesey, Jersey and the Isle of Man), as well as its overseas territories (OTs) (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Montserrat, Turks and Caicos Islands) Agreements on financial accounts held by British taxpayers (or passive investment companies controlled by these individuals) in these countries.