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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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