CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Developing States To Receive Tax Transparency Support

Developing States To Receive Tax Transparency Support

by Lorys Charalambous, Tax-News.com, Cyprus

28 November 2017


The OECD's Global Forum recently adopted a plan of action to help developing countries participate in and benefit from the automatic exchange of financial account information for tax purposes.

Under the plan, developing countries have been invited to undergo a preliminary assessment of their capacity to implement the Common Reporting Standard, the OECD's new standard on the automatic exchange of tax information, which provides that countries should automatically transmit financial information in respect of foreign taxpayers to those taxpayers' home country authority annually to support tax enforcement work.

The assessment will allow these developing countries, in consultation with the Global Forum Secretariat, to arrive at a practicable commencement date for automatic exchange of tax information, supported by a tailored action plan. Technical assistance will be offered to support implementation in collaboration with other international organizations and member countries.

The step-by-step approach is intended to ensure automatic exchange of information is taken to all corners of the globe, with progress delivered through bespoke assistance and at multiple speeds in recognition of the different capacities and risks of developing countries. In 2017, 49 jurisdictions commenced exchanging information automatically, with a further 53 jurisdictions finalizing preparations to start exchanges in 2018.

To advance its developing country plan of action, the Global Forum has called on international development agencies, governments, civil society, and other potential donors to lend their support.

TAGS: compliance | tax | tax information exchange agreement (TIEA) | tax compliance | Organisation for Economic Co-operation and Development (OECD) | standards | Tax

To see today's news, click here.

 
















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »