31 countries joined the automatic exchange of information

Today 31 countries signed the Multilateral Competent Authority Agreement (MCAA) to raise the transparence of cross-border cooperation on tax matters. By signing the Agreement, the countries are undertaking to automatic exchange the tax information.

It is expected that automatic exchange of information will begin in 2017 – 2018; it will start from the exchange of companies’ financial statements.

Automatic exchange means reporting the information about multinational companies annually to State Tax Authorities where the companies are registered. OECD has developed the reporting standards for the automatic exchange of such information.

The Agreement was signed by Australia, Austria, Belgium, Chile, Costa Rica, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Japan, Liechtenstein, Luxembourg, Malaysia, Mexico, Netherlands, Nigeria, Norway, Poland, Portugal, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland and United Kingdom.

These countries will exchange tax information with each other.

Source: http://www.oecd.org/newsroom/a-boost-to-transparency-in-international-tax-matters-31-countries-sign-tax-co-operation-agreement.htm