In the report, the OECD comments that offshore tax evasion is a global issue that requires global solutions. Otherwise, the issue is simply relocated rather than resolved.
The OECD is accepting comments on specifications for the information to be exchanged, the legal basis for the exchange and consideration of the necessary platform to exchange the information.
Steps for automatic exchange of information model
The OECD report sets out the key success factors for an effective model for automatic exchange and provides relevant background. The report also outlines the following four steps (and potential timeframes) needed to put this model into practice:
- Enacting broad framework legislation to facilitate the expansion of a country's network of partner jurisdictions
- Selecting (or where necessary entering into) a legal basis for the exchange of information
- Adapting the scope of reporting and due diligence requirements and coordinating guidance
- Developing common or compatible IT standards.
For more information, contact your KPMG adviser.
Information is current to June 25, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500