OECD Countries Agree To Share Tax Information

On October 29, representatives from 51 countries, having met at the Global Forum on Transparency and Exchange of Information for Tax Purposes, agreed to address tax havens in exchange for transparency in tax information. Recently, the Global Forum released a report regarding the Global Forum’s progress in efforts to increase tax transparency and exchange of information. Since the early 2000s, the Global Forum has worked with the Paris-based Organisation for Economic Cooperation and Development (OECD) to increase international tax transparency. The OECD drafted the Standard for Automatic Exchange of Financial Account Information in Tax Matters so that jurisdictions participating in the fight against tax evasion will have a way to share financial information with each other.