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Five States Agree To Adopt New Tax Transparency Standard

by Ulrika Lomas, Tax-News.com, Brussels

18 May 2016


Bahrain, Lebanon, Nauru, Panama, and Vanuatu - five territories that were earlier criticized for not following tax transparency standards – have newly committed to sharing financial account information automatically with other countries.

With these new commitments, 101 jurisdictions around the world have committed to implement information sharing in accordance with the Common Reporting Standard developed by the OECD and G20 countries and endorsed by the Global Forum in 2014. The latest commitments will see exchanges begin in September 2018.

"We are now seeing an unstoppable movement toward information sharing, on the basis of a single common standard developed by the OECD and endorsed by the international community," OECD Secretary-General Angel Gurría said. "These political commitments to join the fight against tax evasion must be turned into practical reality, through implementation of the standards and actual exchange of information. Actions must now speak louder than words."

"I urge those countries that have not yet done so to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement we have developed to enable as many countries as possible to benefit from this new more transparent environment," Gurría said.

TAGS: Nauru | environment | tax | law | banking | Bahrain | Vanuatu | offshore | offshore banking | asset protection | banking secrecy | G20 | standards | Lebanon | Panama | Tax

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