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The standard calls on jurisdictions to obtain information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
Gabon has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters at a ceremony today at the OECD. Gabon is the seventh African country to sign the Convention since it was opened for signature to all countries in June 2011.
The Convention was developed jointly by the Council of Europe and the OECD to promote international co-operation for a better operation of national tax laws, while respecting the fundamental rights of taxpayers.
Cameroon has become the 65th signatory of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, the most powerful international instrument to fight international tax avoidance and evasion.
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As requested in the Declaration on BEPS adopted at the 2013 Ministerial Council Meeting , this note reports on progress made on the Comprehensive Action Plan (CAP) to address BEPS. It also provides an update on the key work streams of the OECD tax agenda of particular relevance to the 2014 Ministerial Council Meeting.
Bank secrecy for tax purposes is coming to an end as countries and major financial centres commit to automatic exchange of information between jurisdictions.
OECD Secretary-General Angel Gurría has welcomed moves by more than 40 countries – reinforced by EU leaders - to commit to a detailed timetable to step up the fight against tax evasion.
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OECD Secretary-General's report to the G20 Finance Ministers and Central Bank Governors covers progress made toward the implementation of the Action Plan on Base Erosion and Profit Shifting (BEPS), presents the new global model for automatic exchange of information and contains the progress report by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
Offshore tax evasion remains a serious problem for countries and jurisdictions worldwide, with vast amounts of funds deposited abroad and sheltered from taxation when taxpayers fail to comply with obligations in their home countries.