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How to Include Developing Countries in the OECD’s Standard for Automatic Tax Information Exchange
July 24th, 2014
This week the Organization for Economic Cooperation and Development released the full version of its new standard for automatic tax information exchange. Under the standard, governments would collect data from financial institutions on investment income, financial assets, and account balances paid to non-resident accountholders. On an annual basis, participating governments would exchange that information automatically with other jurisdictions. In a statement, OECD Secretary-General Angel Gurria said the launch “moves us closer to a world in which tax cheats have nowhere left to hide.” This impetus for this new standard came from a mandate by G20 nations and the OECD...
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