Switzerland has today become the 52nd jurisdiction to sign the Multilateral Competent Authority Agreement, which will allow it to go forward with plans to activate automatic exchange of financial account information in tax matters with other countries beginning in 2018.
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Signatories of the multilateral competent authority agreement and intended first information exchange date
The new OECD/G20 standard on automatic exchange of information was endorsed today by all OECD and G20 countries as well as major financial centres participating in the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin. A status report on committed and not committed jurisdictions will be presented to G20 leaders during their annual summit in Brisbane, Australia on November 15-16.
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This report shows progress by the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The OECD has been mandated by the G20 to develop toolkits to support developing countries addressing base erosion and profit shifting (BEPS) and to launch pilot tests to assist them to move towards automatic exchange of information.
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Produced for the G20 Development Working Group, this Roadmap points the way to developing country participation in the new standard on automatic exchange of information.
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The rules of procedure concerning the signing of the Multilateral Convention on Mutual Assistance in Tax Matters.
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.
Co-operation between tax administrations is critical in the fight against tax evasion and protecting the integrity of tax systems. A key aspect of that co-operation is exchange of information.
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.