The Organization for Economic Cooperation and Development has developed a new global standard for automatic exchange of tax information among nations in response to a mandate from finance leaders of the G20 countries to combat tax avoidance and evasion.
Developed by the OECD together with the G20 countries, the standard calls on jurisdictions to obtain information from their financial institutions and exchange the information automatically with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, along with common due diligence procedures to be followed by financial institutions.
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