OECD Global Forum on Tax Transparency Highlights Enforcement Initiatives in Annual Report

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Friday, January 12, 2018
Author: 
Bruce Zagaris
Volume: 
34
Issue: 
1
Abstract: 
On December 20, 2017, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes (hereafter the “Global Forum”), which consists of 147 members and 17 observers, issued its annual report. It noted the fact that 50 jurisdictions have committed to starting Automatic Exchange of Information (AEOI) in September 2017 pursuant to the OECD Common Reporting Standard (CRS).  78 jurisdictions and 3 international organizations observers are participating in the AEOI group and carry out the mandate related to effective implementation of the AEOI standard.  As the jurisdictions that participated in the 2017 exchanges are preparing to use the data for enforcement purposes, most of the remaining jurisdictions are preparing now to make their initial exchanges in September 2018.  Already the report on the 2017 implementation period is ready.  The Global Forum is preparing to conduct full reviews of the implementation of automatic exchange of information (AEOI) by 2020.