OECD and G20 commit to implement annual exchange of information

OECD and G20 commit to implement annual exchange of information

29 October 2014 the new standard on automatic exchange of information represented by the Organization for economic cooperation and development (OECD) in 2013 was endorsed by 51 jurisdictions in the annual meeting of the Global Forum of Transparency and Exchange of Information for Tax Purposes in Berlin.

According to the OECD press-release the first information exchange will be activated in September 2017. Others are expected to follow in 2018.

Jurisdictions committed to implementing automatic exchange of financial information are Bermuda Islands, British Virgin Islands, United Kingdom, Hungary, Germany, Gibraltar, Guernsey, Denmark, Jersey, Iceland, Ireland, Israel, Cayman Islands, Cyprus, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Netherlands, Norway, Isle of Man, Turks and Caicos Islands, Finland, Poland, Czech Republic, Sweden, Estonia, South Korea etc.

To remind the new standard will provide for exchange of information by competent bodies of correspondent countries on an annual basis, automatically.

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