More than 100 jurisdictions will automatically exchange financial account information in September 2018 after a significant increase in the number of countries participating in the Convention on Mutual Administrative Assistance in Tax Matters, the OECD has said.
Announcing the publication of a new set of bilateral exchange relationships established under the Common Reporting Standard Multilateral Competent Authority Agreement (MCAA CRS), the OECD said on July 5 that the international legal network for the automatic exchange of offshore financial account information under the CRS now covers over 90 jurisdictions, with the remaining dozen set to follow suit over summer.
"The network will allow over 100 committed jurisdictions to exchange CRS information in September 2018 under more than 3200 bilateral relationships that are now in place, an increase of over 500 since April of this year," the OECD said.
According to the organization, the last two months have seen a significant increase in the number of jurisdictions participating in the Convention, which is the main international instrument for the exchange of information in tax matters, including exchanges upon request, as well as the automatic exchange of CRS information and Country-by-Country Reports.
Since early May, Macedonia, Grenada, Hong Kong, Liberia, Macau, Paraguay, and Vanuatu have joined the Convention, bringing the total number of participating jurisdictions to 124. In addition, the Bahamas, Bahrain, Grenada, Peru, and the United Arab Emirates have deposited their instruments of ratification.
"These recent developments show that jurisdictions are now completing the final steps for being able to commence CRS exchanges by September 2018, therewith delivering on their commitment made at the level of the G20 and the Global Forum," the OECD said.
By Courtesy of Lowtax.net