PARIS,
JUNE 19, 2014: AS per OECD latest input, Andorra
has become the
48th signatory to an OECD Declaration that commits countries to end bank
secrecy for tax purposes.
Andorra’s 16 June decision to join the Declaration on Automatic Exchange
of Information in Tax Matters will oblige it to implement a new single global
standard on automatic exchange of information being developed at the OECD.
The Declaration was endorsed during the OECD’s annual Ministerial Council
Meeting in Paris on 6 May by all 34 member countries, along with Argentina,
Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania,
Malaysia, Saudi Arabia, Singapore and South Africa.
The Declaration commits countries to implement a Common Reporting Standard
endorsed by G20 finance ministers last February. The standard obliges countries
and jurisdictions to obtain all financial information from their financial
institutions and exchange that information automatically with other jurisdictions
on an annual basis.
G20 governments have mandated the OECD-hosted Global Forum on Transparency
and Exchange of Information for Tax Purposes to monitor and review implementation
of the Common Reporting Standard. The OECD will deliver a consolidated standard
during a meeting of G20 finance ministers in September 2014.
Additional Global Forum members are expected to endorse the standard following
an annual Global Forum meeting that will take place in Berlin later this
year.
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