Seychelles Commits To Share Tax Info With G5
The Seychelles is the latest country to commit to the automatic exchange of tax information as part of a scheme piloted by the Group of Five (G5) nations.
The G5 pilot is aimed at deterring and cracking down on tax evasion. The five countries – the UK, France, Germany, Spain, and Italy – hope that their framework for the automatic exchange of information will be used as a template for the conclusion of a wider multilateral agreement.
46 countries and jurisdictions have now agreed to implement a new global standard on the exchange of information. The first exchange is scheduled to take place in 2017, with respect to data collected from December 31, 2015. Parties to the new standard will provide signatures at the October Organisation for Economic Co-operation and Development (OECD) Global Forum meeting in Berlin.
The finance ministers of the G5 countries said: “We warmly welcome Seychelles’ decision to join the initiative for early adoption of the new global standard on automatic exchange of information. We call on other financial centers to match the commitment made by the Seychelles, and by 45 other countries and jurisdictions, so that we can rapidly stamp out tax evasion on a global basis.”
