The OECD Has Released Its Updated “Standard for Automatic Exchange of Financial Account Information in Tax Matters”

Recently in the news:

“21/07/2014 – Taking an important step towards greater transparency and putting an end to banking secrecy in tax matters, the OECD today released the full version of a new global standard for the exchange of information between jurisdictions.

The Standard for Automatic Exchange of Financial Account Information in Tax Matters calls on governments to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. The Standard, developed at the OECD under a mandate from the G20, endorsed by G20 Finance Ministers in February 2014, and approved by the OECD Council [for more click here].”

Public comments on “how the framework for voluntary disclosure could be further improved and what particular features might encourage even more taxpayers to come forward and take advantage of such programmes” are requested before September 13, 2014 and should be sent to this email: WP10@oecd.org.

Recent developments including this one show that potential tax consequences of exchanges of information should now be part of any assessment of tax risks for transfer pricing purposes.

Robert Robillard, CPA, CGA, MBA, M.Sc. Econ.
Senior Partner, DRTP Consulting Inc.
514-742-8086; robertrobillard “at” drtp.ca
www.drtp.ca

DRTP Consulting Inc. solutions go beyond transfer pricing and international tax solutions. This blog post originally appeared at rbrt.ca. The information in this blog post is general information only. Data and information come from sources believed to be reliable but complete accuracy cannot be guaranteed. DRTP Consulting Inc. or the author are not responsible or liable for any error, omission or inaccuracy in such information. Readers should seek advice and counsel from DRTP Consulting Inc. as required.