(October 29, 2014)

Updated on October 30, 2014

Further to the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes that was held in Berlin on October 28 and 29, 2014 the OECD issued a press release.

In the press release the OECD states that the new OECD/G20 standard on automatic exchange of information was endorsed today by all OECD and G20 countries as well as major financial centers participating in the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes in Berlin. Furthermore the OECD states that a status report on committed and not committed jurisdictions will be presented to G20 leaders during their annual summit in Brisbane, Australia on November 15-16.

Fifty-one jurisdictions translated their commitments into action during a massive signing of a Multilateral Competent Authority Agreement to automatically exchange information based on Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Early adopters who signed the agreement have pledged to work towards launching their first information exchanges by September 2017. Others are expected to follow in 2018.

 

The Multilateral Competent Authority Agreement is a multilateral framework agreement, with the subsequent bilateral exchanges coming into effect between those signatories that file the subsequent notifications under Section 7 of the agreement. The Agreement specifies the details of what information will be exchanged and when, as set out in the Standard for Automatic Exchange of Financial Information in Tax Matters.

 

Click here to be forwarded to the text of the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information as published on the website of the OECD, which will open in a new window.

 

Click here to be forwarded to the list of signatories of the Multilateral Competent Authority Agreement and Intended First Information Exchange Date as published on the website of the OECD, which will open in a new window.

 

Click here to be forwarded to the OECD/G20 Standard on Automatic Exchange of Information as published on the website of the OECD, which will open in a new window.

 

For more information on the Multilateral Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 Protocol click here to be forwarded to website of the OECD, which will open in a new window.

 

 

Follow International Tax Plaza on Twitter (@IntTaxPlaza).

 

 

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