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Luxembourg has today signed a protocol to its double taxation convention with Denmark. The protocol, which allows exchange of bank information for tax purposes, brings the convention up to the OECD standard.
Luxembourg has signed an agreement for the exchange of bank information on request in all tax matters with the U.S., marking a major step forward in international efforts to counter tax evasion.
The OECD welcomes recent commitments to the internationally agreed tax standard on exchange of information made by Costa Rica, Malaysia, Philippines and Uruguay.
Following the G20 meeting and communiqué, the OECD has provided a detailed report on progress by financial centres around the world towards implementation of an internationally agreed standard on exchange of information for tax purposes.
OECD Secretary-General Angel Gurría welcomed an announcement by Monaco that it is prepared to enter into agreements for the exchange of information in all tax matters in accordance with international standards developed by the OECD and recognised by the United Nations.
Moves by a number of financial centres over recent weeks in favour of transparency and exchange of information on tax matters have given a welcome boost to efforts counter international tax evasion, OECD Secretary-General Angel Gurría said.
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The Liechtenstein Government accepts the OECD standards on transparency and information exchange in tax matters and supports the international measures against non-compliance with tax laws.
The Isle of Man and Germany announced that they have signed a bilateral agreement for the exchange of information for tax purposes, bringing to 13 the number of such agreements entered into by the Isle of Man.