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As a result of details provided to the Global Forum on Transparency and Exchange of Information for Tax Purposes, Brazil and Indonesia are now ranked in the category of jurisdictions that have substantially implemented the internationally agreed tax standard.
The updated Convention was presented to Ministers and Ambassadors attending the annual OECD Ministerial meeting held in Paris and was signed.
Average tax and social security burdens on employment incomes fell slightly in 24 out of 30 OECD countries last year as governments struggled to shore up faltering economies amid the worst recession in decades.
The OECD and the Council of Europe have agreed on an update to an international treaty that aims to help governments enforce their tax laws, as part of the worldwide drive to combat cross-border tax evasion.
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The LAC Fiscal Initiative was launched in parallel to the II International Economic Forum for Latin America and the Caribbean, on 25 January 2010 in Paris.
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La Iniciativa LAC Fiscal se puso en marcha durante el II Foro Económico Internacional para América Latina y el Caribe, el 25 de enero de 2010 en París.
Since the April 2009 G20 London Summit, almost 300 tax agreements have been signed to meet OECD standards on tax transparency and effective exchange of information. All OECD and G20 countries are committed to these standards.
A new law on access to bank information will enable Chile to exchange banking information under existing tax treaties, thereby complying with the internationally agreed tax standard for exchange of information.
Costa Rica announced that it has signed a tax information exchange agreement with Argentina.
The recession is taking its toll on tax receipts across the OECD. Aggregate tax burdens in OECD economies, calculated as the ratio of tax revenues to gross domestic product, or GDP, were unchanged between 2006 and 2007, and then fell in 2008.