According to official website of Organisation for Economic Co-operation and Development (OECD) the list of countries that have activated bilateral relationships for automatic exchange was extended in July 2018 and currently includes 90 jurisdictions.

Each state has to complete several steps for purposes of participation in automatic exchange of information of financial accounts in accordance with Common Reporting Standard (CRS). The first step is signature and ratification of CRS Multilateral Competent Authority Agreement (MCAA) that was designed by OECD.

The second step is the activation of bilateral relationships of automatic exchange between certain jurisdictions. Such activation is made through submission of lists of countries and territories with which each jurisdiction is planning to exchange tax information in practice to the Secretariat of OECD. For activation of automatic exchange between two jurisdictions it is required that each one of them has included the other one in its’ list for automatic exchange. Currently 90 jurisdictions of 102 signatories of MCAA have already submitted such list and formed almost 3 200 bilateral relationships on automatic exchange.

It is expected that 12 remaining jurisdictions will provide their lists for automatic exchange to OECD by the end of August 2018 for being able to exchange tax information in practice.

It is important that the significant number of states has joined another international agreement of OECD, namely the Convention on Mutual Administrative Assistance in Tax Matters of 25 January 1988 amended by the Protocol of 27 May 2010 (the Convention). In last two months 7 jurisdictions (Macedonia, Grenada, Hong Kong, Liberia, Macau, Paraguay and Vanuatu) have joined the Convention, and 5 jurisdictions (The Bahamas, Bahrain, Grenada, Peru and the United Arab Emirates) have ratified the Convention. Thus, the number of signatories of Convention has extended to 124.

These commitments show that significant number of states and territories is completing the final steps for being able to commence automatic exchange of tax information in practice by September 2018.

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