The OCDE releases their Standard of Automatic Exchange of Financial Account Information in Tax Matte

Andorra la Vella - Source "Agència de Notícies Andorrana"

This past Monday, the OCDE released their Standard for Automatic Exchange of Financial Account Information in Tax Matters. The aim is to fight fraud and tax evasion, particularly for those who do not declare in the country where they are resident and who should be paying tax.

The OCDE will formally present this standard to the Finance Ministers of the G20 in their next meeting, 20-21st of September in Australia. More than 65 countries and jurisdictions have already agreed to apply it, many as of 2016, whilst more than 40 have agreed to the first exchanges of information to start in 2017.

The OCDE calculates that since 2009 more than half a million taxpayers around the world have voluntarily declared hidden assets to the tax authorities in their countries, the value of which is calculated at approximately 7.000 million Euros.

http://www.oecd.org/tax/exchange-of-tax-information/automaticexchange.htm

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