13 States Sign Up To OECD’s New Tax Info Exchange Standard
Thirteen jurisdictions signed the OECD Multilateral Competent Authority Agreement (MCAA) at a meeting on October 29-30, 2015, in Barbados.
In joining the MCAA, the territories commit to automatically exchange tax information with other nations’ tax authorities under the OECD’s new tax information exchange standard, the Common Reporting Standard. A total of 74 territories have now signed up to the deal.
In Bridgetown, Barbados, the following territories added their name to this list: Antigua and Barbuda; Barbados; Belize; Bulgaria; the Cook Islands; Grenada; Japan; the Marshall Islands; Niue; Saint Lucia; Saint Vincent and the Grenadines; Saint Marteen; and Samoa.
Panama and the Cook Islands committed to automatically exchange information by 2017 or 2018, bringing the total number of jurisdictions that have made such a commitment to 96.
The OECD said: “With these commitments, all major financial centers are now part of the efforts to enhance international tax cooperation.