G5 Agree Deadline For Automatic Info Exchange

by Robert Lee, Tax-News.com, London

30 April 2014

The Group of Five (G5) nations has agreed to formally ink a new deal on a global standard for the automatic exchange of tax information in October, together with other jurisdictions committed to early adoption.

To date 44 jurisdictions have joined the initiative launched by the G5 finance ministers last year. They have jointly announced that they will begin to automatically exchange information with each other in 2017, with respect to data collected from December 31, 2015. Parties to the new standard will provide signatures at the October Global Forum meeting in Berlin.

Following a meeting in Paris on April 28, finance ministers called on all financial centers that have not yet done so to join the early adopters' initiative. They stressed that tackling tax evasion is a collective responsibility of all countries, and urged financial centers to take the lead.

Ministers also reiterated their support for the Organisation for Economic Cooperation and Development's (OECD) work on Base Erosion and Profit Shifting, and made clear that steps must be taken in line with the agreed timetable.

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