SPAIN has become the 19th country to sign the Protocol amending the multilaterial Convention on Mutual Administrative Assistance in Tax Matters.

This is in response to the call of the G20 in 2009 for a multilateral framework for the exchange of information for tax purposes. The OECD and the Council of Europe responded to this request by amending the Convention, which dates back to 1988. The Protocol updates the standard on exchange of information and opens the amended Convention to all countries. The amended Convention will enter into force on June 1, 2011.

The Convention has a wide scope permitting all forms of administrative assistance (including information exchange on request, automatic exchange of information, simultaneous tax examinations and assistance in tax collection) on all types of taxes while providing for high standards of confidentiality and leaving flexibility to the parties through the possibility of lodging reservations. As a multilateral instrument, it provides a single legal basis for multi-country cooperation.

Denmark, Finland, France, Georgia, Iceland, Italy, Korea, Mexico, Moldova, the Netherlands, Norway, Poland, Portugal, Slovenia, Sweden, the Ukraine, the United Kingdom and the United States have already signed the Convention and Protocol.