Recently, the Organization for Economic Cooperation and Development has released the full version of the OECD’s new standard for the automatic exchange of tax information across different countries.
Under the Standard for Automatic Exchange of Financial Account Information in Tax Matters, governments are urged to obtain detailed account information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.
According to, OECD, the standard was developed at the OECD under a mandate from the G-20, endorsed by G-20 Finance Ministers in February 2014 and approved by the OECD Council (see OECD Sets Standard for Automatic Exchange of Tax Information between Countries and G-20 Agrees on Automatic Tax Data Sharing.
