UK and International Tax news

Bahrain, Lebanon, Nauru, Panama and Vanuatu Sign Up To Financial Account Information Reporting

Friday 13th May 2016

The OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes have recently announced that Bahrain, Lebanon, Nauru, Panama and Vanuatu have committed to share financial account information automatically with other countries.

With these new commitments, 101 jurisdictions around the world have committed to implement information sharing in accordance with the Common Reporting Standard developed by the OECD and G20 countries and endorsed by the Global Forum in 2014.  The latest commitments call for beginning such exchanges in September 2018.

The OECD has also invited those countries that have not yet done so to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and the Multilateral Competent Authority Agreement.

The Global Forum is monitoring the implementation of tax transparency standards to ensure the effective and timely delivery of the commitments made, the confidentiality of information exchanged and to identify areas where support is needed.   It is also assisting its developing country members to ensure that they can also receive the benefits of the ongoing global move to automatic exchange of financial account information.

Lebanon has just joined the Global Forum, bringing membership to 133 jurisdictions. The European Union fully participates in Global Forum work

For more detail on the above contact Keith Rushen on 0207 486 2378.

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