The OECD is satisfied with progressing desire of the countries to exchange of financial account information

27.03.2014

More than 40 countries committed to a detailed timetable to step up the fight against tax evasion.

19 March 2014 group of countries announced their commitment to implement the new standard for the automatic exchange of information between tax authorities, developed by the OECD. A group consists of 44 jurisdictions: Argentina, Belgium, Bulgaria, Colombia, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Malta, Mexico, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, South Africa, Spain, Sweden, and the United Kingdom; the UK's Crown Dependencies of Isle of Man, Guernsey and Jersey; and the UK's Overseas Territories of Anguilla, Bermuda, the British Virgin Islands, the Cayman Islands, Gibraltar, Montserrat, and the Turks & Caicos Islands.

It is expected that the group is going to be remain at the expense of other jurisdictions, and ready to support an automatic exchange of tax information.

Based on: http://www.oecd.org/ctp/exchange-of-tax-information/tax-oecds-gurria-welcomes-international-progress-towards-automatic-exchange-of-information.htm

Expert’s opinion

It is a big pleasure to observe a full like-mindedness.

Let’s imagine the perfect illustration of the world: all people in the world and all companies’ works, and the full tax information are available for everyone. So it is clear what should do with information about John Smith, who is working a manager in the port. His trips to Mexico and his salary are not interested for anyone. But suddenly it was found out that John Smith is homicide, who is working for governmental intelligence support. All his work life is simply a smokescreen for his real work.

In case of global exchange of financial account information – the government of Mexico would have the Smith’s photo before his arrival to the country. We should express gratitude to Doug Liman for “Mr. and Ms. Smith”.

Somehow the global exchange of information is going to be regulated. Probably there will be a division for two branches. The first one is ordinary businessmen and the second is state offices, who are fighting for the democracy.

There is an important question about how it would be possible in the conditions of full transparency, to finance the peaceful confidential projects?

All in all we can be happy about bureaucrats. They have a lot of things to do. Financing is allocated and increases. All are occupied, all at business. 

Yaroslav Lomakin ( Managing partner of Honest & Bright” company)