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. Monaco Signs OECD Multilateral Tax Convention

Monaco Signs OECD Multilateral Tax Convention

by Ulrika Lomas, Tax-News.com, Brussels

15 October 2014


Monaco has become the 84th jurisdiction to commit to strengthen international tax cooperation through its participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Welcoming the signing by José Badia, Monaco's Minister for Foreign Affairs and Cooperation, the Organisation for Economic Cooperation and Development's (OECD's) Secretary-General, Angel Gurría, said: "Monaco has taken many positive steps towards improving transparency in recent years. Today's signing is an important new signal that Monaco is seriously committed to the international fight against offshore tax avoidance and evasion."

Gurría noted that the continuing increase in signatories to the Convention reflects the growing levels of support for the exchange of information on request, and that it signals growing recognition that automatic exchange of information is becoming the new international standard.

The Multilateral Convention provides for all forms of mutual assistance: exchange on request; spontaneous exchange; tax examinations abroad; simultaneous tax examinations; and assistance in tax collection; while also protecting taxpayers' rights. It provides the option to undertake automatic exchange of tax information.

The Convention is to be a key agenda item during the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes on October 28-29, 2014, in Berlin, Germany. Representatives from more than 40 countries and jurisdictions are expected to sign a Multilateral Competent Authority Agreement on Financial Account Information, which will signal their commitment to launching automatic exchange in the near future, building on the United States's Financial Account Tax Compliance Act.

TAGS: tax | tax avoidance | interest | Monaco | offshore | Germany | United States | Compliance | Tax

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.

 






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 »