Critical Guidelines for Taxpayers with Foreign Bank Accounts & Amnesty Program Information
Further strides towards greater tax transparency around the world have been made with 13 countries signing up to the international framework enabling the automatic exchange of information.
The OECD’s 8th Global Forum on Transparency and Exchange of Information for Tax Purposes was held in Barbados on 29-30 October and brought together delegates from the forum’s 129 member jurisdictions, as well as representatives from international organisations.
Donville Inniss, Barbados’ minister of industry, international business, commerce and small business development and vice chair of the Global Forum Steering Group, described the meeting as a “kick-off to a new era of automatic exchange of information and tax compliance”.
Last year, 90 members of the forum committed to a new common reporting standard (CRS) on the annual, automatic exchange of information beginning in 2017 or 2018. Since then, six more members have signed up, with Panama and the Cook Islands being the latest to join, meaning all major financial centres are now part of the fight against tax evasion.
The Multilateral Competent Authority Agreement, which now has 74 signatories including new commitments from Japan, Bulgaria and a number of Caribbean jurisdictions, specifies what information will be exchanged and when.
Those who have adopted the standard are meeting major implementation milestones and sending a strong warning to tax evaders, the OECD said.