31/07/2018 - Kazakhstan has formally expressed its intention to commence automatic exchanges of financial account information in tax matters in September 2020. The country has ratified the multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2015, followed by the signature, in June 2018, of the Multilateral Competent Authority Agreement, which provides a standardised and efficient mechanism to facilitate the exchange of financial account information.
Exchanges under the AEOI Standard have now commenced amongst almost 50 jurisdictions and a further 50 jurisdictions are expected to join in September 2018. This milestone will bring a major shift in international tax transparency and the ability of jurisdictions to tackle cross-border tax evasion.
As other committed jurisdictions, Kazakhstan took an obligation to reciprocity and exchanging information with all interested and appropriate partners provided that those jurisdictions meet the standards on confidentiality and data safeguards, and proper use of information.
For additional information on the Global Forum, the Common Reporting Standard, and the Global Forum's Plan of Action for Developing Countries Participation in AEOI, go to: www.oecd.org/tax/transparency/.
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