Vol. 5, Issue 2, Part B (2023)

Tax transparency has emerged as a cornerstone of global public finance reforms, aiming to address revenue losses from cross-border tax evasion and aggressive avoidance practices. The Common Reporting Standard (CRS), developed by the Organization for Economic Co-operation and Development (OECD) in 2014, represents a coordinated international framework for the automatic exchange of financial account information between jurisdictions. This review critically examines the impact of CRS implementation on public finance systems, with particular emphasis on revenue mobilization, compliance behavior, and the broader integrity of global tax governance. Drawing on empirical studies, policy reports, and cross-jurisdictional data from 2014 to 2022, the analysis assesses how CRS adoption has influenced tax enforcement efficiency, reduced offshore secrecy, and strengthened fiscal transparency. The review also investigates the unevenness of CRS uptake, the capacity challenges faced by developing economies, and the adaptation strategies employed by high-net-worth individuals and multinational corporations to circumvent reporting obligations. Case studies from both advanced and emerging economies illustrate successes and limitations, providing a nuanced understanding of the standard’s operational and strategic significance. The paper concludes with policy recommendations aimed at enhancing CRS effectiveness, including the integration of digital asset reporting, harmonization with other transparency frameworks, and targeted capacity-building initiatives for low- and middle-income countries. By synthesizing available evidence, this review contributes to the ongoing discourse on leveraging international tax cooperation as a tool for sustainable public finance and equitable economic development.