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. Israel Joins International Efforts To Tackle Tax Evasion

Israel Joins International Efforts To Tackle Tax Evasion

by Lorys Charalambous, Tax-News.com, Cyprus

27 November 2015


Israel signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on November 24, 2015, making it the 91st jurisdiction to join the world's leading instrument for boosting transparency and combating offshore tax evasion.

The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

"Israel has recognized the importance of improving tax transparency and has implemented the necessary reforms in recent years to ensure that its legal and regulatory framework is up to the task," said OECD Secretary-General Angel Gurría after a signing ceremony at OECD headquarters with Carmel Shama-Hacohen, Israeli Ambassador to the OECD. "Today's signing is a further confirmation that Israel is dedicated to the fight against offshore tax avoidance and evasion and aims to crack down on illicit financial flows."

The Convention was developed jointly by the OECD and the Council of Europe in 1988. It was amended in 2010 to respond to a G20 call that it be aligned to the international standard on exchange of information and opened to all countries.

The Convention has since become global and is now seen as the instrument for swift implementation of the new Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries. It will also be critical for implementation of automatic exchange of country-by-country reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project, and is a powerful tool in the fight against illicit financial flows.

TAGS: compliance | tax | tax compliance | tax avoidance | Organisation for Economic Co-operation and Development (OECD) | Israel | offshore | G20 | Europe | Tax | Tax Evasion | BEPS

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







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 »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

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 »