OECD (Organization Economic Co-operation and Development) has been endorsed the Declaration on Automatic Exchange of Information in Tax Matters with all 34 Organization of member countries, along with Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia,Saudi Arabia, Singapore and South Africa.
The declaration commits the signatories to implement a new single global standard on automatic exchange of information. The OECD lay out its plans for a new global ‘common standard of reporting’ for the automatic exchange of tax information among countries earlier this year. To report information to authorities in their own jurisdictions, the common reporting standard will need financial institutions and brokers and this information will in turn be passed on to other relevant countries automatically. The OECD and the G20 group of leading global economies was developed the standard
The OECD will deliver a detailed Commentary on the new standard, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014.
G20 governments have regulated the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes to monitor and review implementation of the standard.
OECD said “More than 60 countries and jurisdictions have now dedicated to early adoption of the standard, and additional Global Forum members are expected to join this group in the coming months”
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