International information exchange system to help fight tax evasion: Slovak officials
BRATISLAVA, Oct.18 (Xinhua) — International information exchange system could help fight tax evasion, said President of Slovak Financial Administration Frantisek Imrecze at a press conference here on Wednesday.
According to Imrecze, the information exchange system has been available to the Slovak Financial Administration since Sept. 30, the Slovak tax office can compare this information with the tax returns of the people and firms concerned.
“This a milestone, as it’s the first global information exchange. EU and OECD countries as well as the USA have become involved,” said Imrecze.
Slovak Finance Ministry State Secretary Dana Meager said that the tool will also help improve security. Transactions largely concerning illegal activities are mostly behind tax fraud.
“Success in the fight against tax fraud in the field of direct taxes directly supports better security in all our countries,” stressed Meager.
These measures are part of the OECD’s action plan known as BEPS (Base Erosion and Profit Shifting). Delegates of tax administrations of EU and OECD countries discussed individual measures of the action plan at the third regional meeting of the inclusive framework of BEPS countries of Central and Eastern Europe and Central Asia.