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Today, on the eve of the Pittsburgh G20 meeting, the Global Forum on Transparency and Exchange of Information dealing with tax matters, took major steps to confirm the end of the era of banking secrecy as a shield for tax evaders.
Representatives of almost 100 governments have been invited to meet in Los Cabos, Mexico, on 1-2 September to decide next steps in a global campaign to improve transparency and exchange of banking and ownership information for tax purposes.
The OECD welcomes the announcement today of a package of measures between Liechtenstein and the United Kingdom intended to ensure effective exchange of information for tax purposes between the two countries and to address the important issue of undeclared funds in a cooperative way.
In the past two days Belgium has signed protocols to its tax conventions with Luxembourg, Singapore, San Marino, and the Seychelles as well as a tax convention with the Isle of Man and a tax information exchange agreement with Monaco
Luxembourg has signed a protocol to its double taxation convention with Norway, bringing to 12 the number of agreements it has on exchange of information for tax purposes.
Addressing a conference organised by the French and German governments in Berlin on the fight against tax fraud and evasion, OECD Secretary-General Angel Gurría welcomed progress in implementing international standards of transparency and exchange of information for tax purposes. He announced that the next meeting of the Global Forum on Transparency and Information Exchange, which guides the OECD’s work in this area, will take place
Bermuda and the Netherlands today signed a bilateral agreement for the exchange of information for tax purposes, bringing to 12 the number of such agreements Bemuda has entered into.
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.
Bermuda has signed 8 new tax information exchange agreements, with seven Nordic economies – Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, and with New Zealand, bringing to 11 the number of such agreements it has entered into.