(June 3, 2015)

On June 3, 2015 Joe Hockey (Treasurer of the Commonwealth of Australia) and Steven Ciobo (Parliamentary Secretary to the Minister for Foreign Affairs) issued a joint media release stating that on that same day Australia signed the OECD's Multilateral Competent Authority Agreement (MCAA), implementing the new standard for automatic exchange of financial account information in tax matters. Herewith the total number of countries that have signed the MCAA comes to 55.

According to the press release Australia will implement the MCAA from January 1, 2017 and first exchange information in 2018.

The Multilateral Competent Authority Agreement (MCAA) is a framework administrative agreement to automatically exchange information based on Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Click here to be forwarded to the text of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters as available on the website of the OECD.

Click here to be forwarded to overview of signatories of the MCAA and intended first information exchange date as available on the website of the OECD. (Please note that when we put the link, the OECD did not yet update the overview)

For further information click here to be forwarded to the joint media release as issued by Joe Hockey and Steve Ciobo.

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