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Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 6/20/2012

OECD - Reports on international tax co-operation, tax evasion 

June 20:   The Global Forum and the Organisation for Economic Co-operation and Development (OECD) released on 19 June 2012 reports stating that progress is being made towards effectively addressing tax evasion.

A report by the Global Forum on Transparency and Exchange of Information for Tax Purposes states:


  • Significant progress has been made since the last G20 Summit in Cannes in November 2011.
  • Review to assess whether cross-border exchange of information is being implemented effectively has initiated.
  • More than 800 cross-border exchange of information agreements have been signed, with Colombia, Costa Rica, Greece and India having signed a multilateral agreement to counter tax evasion, bringing the number of signatory countries to 35.

A supplementary OECD report - Tackling Offshore Tax Evasion - shows what has been described as “growing adherence” to automatic exchange of tax information.


The OECD also announced a new initiative to address (1) the misuse of corporate vehicles - such as shell companies - and (2) the issue of tax base erosion and profit shifting by some multinational firms. A progress report on this initiative is to be presented to the next G20 Summit.




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