ISRAEL yesterday signed the Multilateral
Convention on Mutual Administrative Assistance in Tax Matters, making it
the 91st jurisdiction to join the world’s leading instrument for boosting
transparency and combating offshore tax evasion.
The Convention provides for all forms of administrative assistance in tax
matters: exchange of information on request, spontaneous exchange, automatic
exchange, tax examinations abroad, simultaneous tax examinations and assistance
in tax collection. It guarantees extensive safeguards for the protection
of taxpayers’ rights.
“Israel has recognised the importance of improving tax transparency and has
implemented the necessary reforms in recent years to ensure that its legal
and regulatory framework is up to the task,” said OECD Secretary-General
Angel Gurría after a signing ceremony at OECD headquarters with His Excellency,
H.E. Carmel Shama-Hacohen, Israeli Ambassador to the OECD. “Today’s signing
is a further confirmation that Israel is dedicated to the fight against offshore
tax avoidance and evasion and aims to crack down on illicit financial flows.”
The Convention was developed jointly by the OECD and the Council of Europe
in 1988. It was amended in 2010, to respond to a G20 call that it be aligned
to the international standard on exchange of information and opened to all
countries.
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