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El Salvador on June 1, 2015, became the 86th nation to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
Developed by the Organisation for Economic Cooperation and Development (OECD) and the Council of Europe, the Convention provides a comprehensive multilateral framework for the exchange of information and assistance in tax collection. It covers administrative assistance between tax authorities for information exchange on request and the automatic exchange of information, and facilitates simultaneous tax examinations and assistance in the collection of tax debts.
El Salvador is the eighth Latin American country and the third member of the Central American Common Market – after Costa Rica and Guatemala – to join the Convention.
Since the Group of Twenty nations (G-20) put financial sector transparency and tax evasion on the international agenda in 2009, the Convention has become a central element of international cooperation efforts, the OECD said. It is seen as the ideal instrument for the swift implementation of the new international Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the OECD and G-20 countries, and provides a framework for the automatic exchange of country-by-country reports, as recommended under the OECD's base erosion and profit shifting project.
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