OECD releases three automatic information exchange reports
THE OECD has published three reports outlining the framework for the automatic exchange of financial information between governments as part of its efforts to curb tax avoidance and evasion.
In October last year, the organisation announced the agreement to automatically share tax information on individuals by the year 2018, to which 92 countries have signed up with 51 agreeing to put exchange systems in place by 2017.
The Common Reporting Standard Implementation Handbook provides practical guidance to assist government officials and financial institutions in the implementation of the standard, including advice on efficiency and alignment with the US’s FATCA – which requires financial institutions to review their customers’ tax residency or face a 30% penalty on their US operations.
The second publication, the Offshore Voluntary Disclosure Programmes contains practical experience from 47 countries in relation to their voluntary disclosure programmes. Guidance on the design and implementation of the programmes has been updated, taking into account the views of private client advisers.
The Model Protocol to the Tax Information Exchange Agreements covers the basis for jurisdictions wishing to extend the scope of their existing tax information exchange agreements to also cover the automatic and/or spontaneous exchange of tax information.
