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This note presents a summary of ongoing work to assess the impact of increasing tax transparency and exchange of information (EOI) on cross-border financial activity using international investment data.
Today, at the OECD Headquarters in Paris, H.E. Sharlene Shillingford-McKlmon, Ambassador of Dominica to the European Union, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention). Dominica is the 128th jurisdiction to join the Convention.
The Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) published today seven peer review reports assessing compliance with the international standard on transparency and exchange of information on request (EOIR).
Today, at the OECD Headquarters in Paris, H.E. Aichetou Mint M’Haiham, Ambassador of Mauritania to France, signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (the Convention) in the presence of the OECD Deputy Secretary-General Ludger Schuknecht. Mauritania is the 127th jurisdiction to join the Convention.
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.
The purpose of the CbC MCAA is to set forth rules and procedures as may be necessary for Competent Authorities of jurisdictions implementing BEPS Action 13 to automatically exchange CbC Reports prepared by the Reporting Entity of an MNE Group and filed on an annual basis with the tax authorities of the jurisdiction of tax residence of that entity with the tax authorities of all jurisdictions in which the MNE Group operates.
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This report contains two parts. Part I reports on the activities and achievements in the OECD’s international tax agenda. Part II reports on the activities and achievements of the Global Forum on Transparency and Exchange of Information for Tax Purposes.
The Convention will enter into force for Jamaica on 1 March 2019 and will generally apply from 1 January 2020, although it may apply for earlier periods between signatories if agreed to and applies in relation to any period regarding criminal matters.
The Global Forum held its annual meeting in Uruguay on 20-22 November, bringing together 220 delegates from 84 jurisdictions and 12 International organisations to strengthen further the international community’s fight against tax evasion. The meeting marked the widespread rollout of automatic exchange of financial account of information.
As part of its efforts to maintain the integrity of the Common Reporting Standard (CRS), the OECD has been working closely with Panama over the last weeks to ensure that any risks created by its Residence by Investment (RBI) programmes are effectively addressed.