The first automatic exchange of financial accounts information between Germany and 49 other states according to the OECD Common Reporting Standard commenced on 30 September 2017.
According to the OECD Common Reporting Standard for the automatic exchange of information on financial accounts data, the accounts of not only individuals but also of legal persons and other legal entities (including trusts and foundations) are subject to reporting. The standard also includes the obligation to review passive non-financial entities and the reporting of individuals who actually control these entities (i.e. the reporting of the beneficial owners).
The commencement of the automatic exchange of information in September 2017 applies to the reporting period 2016. Compliance with the Standard will be monitored by the Global Forum on Transparency and Exchange of Information for Tax Purposes. One hundred and twenty states belong to the Global Forum.
For more information see: http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/