The OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes announced today that Bahrain, Lebanon, Nauru, Panama and Vanuatu have now committed to share financial account information automatically with other countries.
Furthering efforts to fight against international tax evasion and bank secrecy, members of the Global Forum on Transparency and Exchange of Information for Tax Purposes have issued 12 new peer review reports.
The Kingdom of Bahrain has recently signed double taxation conventions with Bulgaria (26 June 2009) and Austria (2 July 2009) that provide for exchange of information in accordance with the OECD standard. These agreements bring to 12 the number of agreements that Bahrain has signed that meet the OECD standard. As a result, Bahrain can be considered as having substantially implemented the internationally agreed standard in this area.
A protocol to the existing Bahrain-France Convention for the Avoidance of Double Taxation was signed today in Paris.
This page provides an overview of developments which have taken place since June 2000 in OECD's work on tax havens.