NEW ERA’ IN GLOBAL TAX COOPERATION
International efforts to combat tax evasion and avoidance have received a boost as two more jurisdictions join the 60-plus countries that have already agreed on tax cooperation. Liechtenstein and San Marino became the 62nd and 63rd signatories to the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters at the sixth global forum on transparency and exchange of information for tax purposes, held in Jakarta, Indonesia. Support for central transparency and information exchange objectives is increasing rapidly; the number of jurisdictions that have signed or are covered by the convention has almost doubled since the fifth global forum in Cape Town in October 2012.
At each forum, a key topic of discussion is the move by tax authorities worldwide from bilateral to multilateral cooperation, and from exchange of information on request to automatic exchange. The convention provides a comprehensive multilateral framework for such cooperation and complements other initiatives, such as the standardised multilateral automatic exchange model being developed by the OECD and its G20 partners. The OECD believes its convention is the ideal instrument to swiftly implement automatic exchange, and to do so with a wide range of partners.
In Jakarta, Dr Muhammad Chatib Basri, Indonesia’s minister of finance, congratulated all forum members on the progress to date: ‘At a time where most economies are extremely fragile, having so many jurisdictions working together and agreeing on very sensitive outcomes to improve international tax cooperation is key and extremely positive. I have no doubt that this is the kick-off to a new era in the global tax environment.’
NEW ERA’ IN GLOBAL TAX COOPERATION
International efforts to combat tax evasion and avoidance have received a boost as two more jurisdictions join the 60-plus countries that have already agreed on tax cooperation. Liechtenstein and San Marino became the 62nd and 63rd signatories to the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters at the sixth global forum on transparency and exchange of information for tax purposes, held in Jakarta, Indonesia. Support for central transparency and information exchange objectives is increasing rapidly; the number of jurisdictions that have signed or are covered by the convention has almost doubled since the fifth global forum in Cape Town in October 2012.
At each forum, a key topic of discussion is the move by tax authorities worldwide from bilateral to multilateral cooperation, and from exchange of information on request to automatic exchange. The convention provides a comprehensive multilateral framework for such cooperation and complements other initiatives, such as the standardised multilateral automatic exchange model being developed by the OECD and its G20 partners. The OECD believes its convention is the ideal instrument to swiftly implement automatic exchange, and to do so with a wide range of partners.
In Jakarta, Dr Muhammad Chatib Basri, Indonesia’s minister of finance, congratulated all forum members on the progress to date: ‘At a time where most economies are extremely fragile, having so many jurisdictions working together and agreeing on very sensitive outcomes to improve international tax cooperation is key and extremely positive. I have no doubt that this is the kick-off to a new era in the global tax environment.’
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