Global Forum launches a plan of action for developing countries participation in automatic exchanges of financial account information
23/11/17 - To ensure delivery of benefits of automatic exchange of information(AEOI) to all corners of the world and in particular to developing countries where it is most needed, the Global Forum on Transparency and Exchange of Information for Tax Purposes (the Global Forum) adopted a Plan of Action for Developing Countries Participation in AEOI at its 10th meeting in Yaoundé, Cameroon (15-17 November 2017) and invited all developing countries to take advantage of it.
The commencement of AEOI among 49 jurisdictions in 2017 is a breakthrough for tax transparency. With a further 53 jurisdictions finalising their preparation to start exchanges in 2018, strong interest is being shown by several developing countries for participating in AEOI in order to strengthen tax compliance in their countries. To facilitate their progress, a step-by-step approach has been embedded in this plan which builds upon the experience gained by the Global Forum in the past three years through AEOI pilot projects and other technical assistance activities.
Under this Plan, developing countries have been invited to undergo a preliminary assessment of their capacity to implement the AEOI Standard. This will allow them, in consultation with the Global Forum Secretariat, to arrive at a practicable commencement date, supported by a tailored AEOI action plan. Technical assistance will be offered to support implementation in collaboration with other international organizations and member countries. The step-by-step approach ensures that no country will be left behind, with progress delivered through bespoke assistance and at multiple speeds in recognition of diverse capacities and risks.
Recognising the need for political will to advance this agenda and the substantial resources required, the Global Forum has called on the international development agencies, governments, civil society and other potential donors to support this vital agenda.