G20 wants automatic exchange of tax information to be the new norm
24 April 2013
Kalliope Gourntis in New York
Taxpayers will have to get used to automatic exchange of information as standard, if the G20 get their way.
Pascal Saint-Amans, the head of tax at the OECD, believes
the world is coming together over the issue of the automatic
exchange of tax information.
"The US is already there with FATCA," said
Saint-Amans, the director of the OECD’s Centre
for Tax Policy and Administration (CTPA) when he briefed
journalists during the meeting of G20 finance ministers and
central bank governors in Washington, DC last week.
"We’re back to the level of pressure we had in
2009 when G20 countries said 'Enough with bank
secrecy’. They now want to take this a step
further with the automatic exchange of information."
Angel Gurría, the OECD secretary-general, presented
the Organisation’s progress report on automatic
exchange of information to the meeting on Friday. The response
of the ministers and governors to the report suggests
Saint-Amans is right.
"We welcome progress made towards automatic exchange of
information which is expected to...
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