OECD strikes global deal on automatic tax information sharing
OECD member countries will automatically exchange data on individuals' tax affairs after agreement is struck
THE OECD has hailed the agreement today of an agreement to automatically share tax information on individuals by the year 2018.
A press conference in Berlin, following a meeting of the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, was told 92 countries had signed up, with 51 agreeing to put exchange systems in place by 2017.
Welcoming the deal, German finance minister Wolfgang Schäuble said: “The object is to ensure tax evasion is no longer worth it.” And OECD secretary general Angel Gurría (pictured) said: “This is of enormous political consequence to recover the trust that the public has lost during the crisis.”
Forum members also agreed changes to the existing global standard on the voluntary exchange of tax information. And they also made progress on developing an agreement on the automatic exchange of corporate taxation information, for discussion at the upcoming Brisbane G20 meeting next month (November).
There was also agreement that developed countries would help developing countries signing onto the automatic tax information deal to strengthen their tax administrations so they can fulfill their commitments. Implementation of the deal will be monitored by the global forum.
And a three year awareness raising programme aimed at encouraging African countries to join the forum was launched. There are current only 17 members out of 54 states