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Mongolia commits to start automatic exchange of financial account information by 2026

 

18/04/2023 - Mongolia has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2026. The AEOI standard is being implemented on a global scale, with 123 of the 167 members of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) now committed to start automatic exchanges by a specific date and the vast majority having commenced exchanges.

"I am delighted to announce Mongolia's commitment to implementing automatic exchange of information standards beginning in September 2026, which will significantly improve our ability to combat tax evasion and promote transparency in our financial system,” said Mr Javkhlan Bold, Minister of Finance of Mongolia. “This is an important step in providing a level playing field for all taxpayers and showcasing Mongolia as a responsible and trustworthy member of the global financial community."

More and more developing countries are implementing the AEOI standard and this global reach is a key element to ensuring its effectiveness in combating tax avoidance and evasion. The Global Forum Secretariat is committed to promote and support the implementation of the AEOI standard, particularly by developing countries.

Mr Gaël Perraud, Chair of the Global Forum, welcomed Mongolia's commitment: “The Global Forum will monitor Mongolia’s progress in delivering its commitment to start exchanging automatically by 2026 and updates will be provided to Global Forum members and the G20. Our Secretariat will assist Mongolian tax authorities in implementing the standard and in addressing any challenges that may arise.”

Background information:

 

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. The delivery of the Global Forum’s capacity-building programme is only made possible thanks to the financial support and the trust of its generous donor partners.

For more information, please contact [email protected].

 

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