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OECD Declaration on automatic exchange of information in tax matters is signed.


				09.05.2014
						Ministers of the OECD member-states signed Declaration on automatic exchange of information in meeting, which was held on 6-7 of May, 2014 in Paris. The aim of the Declaration is to implement single international standard for exchange of tax information.

 Besides OECD member-states Declaration was joined by Argentine, Brazil, India, Indonesia, Chine, Columbia, Costa-Rika, Latvia, Lithuania, Malaysia, Saud Arabia, Singapore and South Africa. 



Source: http://www.oecd.org/mcm/MCM-2014-Declaration-Tax.pdf

 		

	
		
	
		
Expert’s opinion

	
The automatic exchange of information between OECD member-states was talked about for a long time. This Declaration allows to find information about opened accounts in other banks and tax compliance only with one click.

 Nowadays, Declaration is signed by G20, OECD member-states and other countries, including Latvia, Lithuania and Singapore. First of all this document aims for fight against money laundering. All financial centers shall implement new standards as soon as Global Forum will create mechanism for analysis of these standards.



 There is no such mechanism now and it is expected to be created no earlier than in 2015. Nonetheless, there is no point in delaying diversification of your scheme and securing of your actives to the last minute.



										
Irina Lomakina									     ( Director of Moscow Office, Honest&Bright. )
									

	
	
	
					
	
	
	


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