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50 Countries To Automatically Exchange Tax Data: OECD

by Ulrika Lomas, Tax-News.com, Brussels

28 December 2016

Over 50 jurisdictions have committed to automatically exchange tax information under the OECD's Common Reporting Standard.

The OECD said there are now more than 1,300 bilateral relationships in place across the globe, with most of them based on the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (the CRS MCAA).

Countries will again be able to decide on a further countries with which to automatically exchange tax-related information in two rounds in March and June 2017.

OECD said that 101 jurisdictions have agreed to start automatically exchanging financial account information in September 2017 and 2018.

The OECD said on December 22: "Today's second wave of activations of bilateral exchange relationships [which added 350 to the tally] is a further crucial step towards the timely implementation of the OECD-developed international standard for the automatic exchange of financial account information, the CRS, and reflects the determination of jurisdictions around the world to deliver on their political commitment to fight tax evasion," the OECD said.

TAGS: compliance | tax | offshore confidentiality | tax compliance | banking | international financial centres (IFC) | offshore | banking secrecy | individual income tax | BEPS

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