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Taxes

OECD publishes standard to combat global tax fraud

The Organization for Economic Cooperation and Development (OECD) has published new international standards for the exchange of information between tax bodies to rein in fraud around the world.

The OECD on Monday published its new Standard for Automatic Exchange of Financial Information in Tax Matters (AIA), which it said would help to better combat tax evasion internationally.

"Today's launch moves us closer to a world in which tax cheats have nowhere left to hide," OECD Secretary General Angel Gurria said in a statement.

The AIA will provide for the automatic exchange of financial account information between governments on an annual basis, he added.

More transparency

That information could include balances, interest, dividends and sales proceeds from financial assets as reported to governments by financial institutions.

European bank secrecy crumbling

The OECD said the standards published Monday would go a long way towards curbing money laundering and the illegal transfer of money abroad.

Germany is one of 67 nations which have already made commitments to implement the standards. The first automatic exchange of tax-related data is expected to start in 2017.

hg/cjc (dpa, Reuters)

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