28/09/2021 – Rwanda has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2024. The commitment, made by the Minister of Finance and Economic Planning Dr Uzziel Ndagijimana, makes Rwanda the 120th Global Forum member to commit to start AEOI by a specific date, and the ninth African country to do so. Nearly three quarters (74%) of the Global Forum members are now committed to start automatic exchange by a specific date.
Maria José Garde, Chair of the Global Forum, said “I am delighted to welcome Rwanda's commitment to the AEOI Standard. The Global Forum will monitor the country’s progress in delivering its commitment by September 2024 and we will regularly update our members and the G20. Our Secretariat will continue assisting Rwanda in implementing the Standard and in addressing any challenges that may arise.”
This powerful tool, already adopted by more than 100 jurisdictions, will help Rwanda generate additional tax revenues by allowing it to identify cases of tax evasion and will help boosting tax compliance.
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
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