OECD signs 350 tax exchange agreements
The OECD has announced that with a further 350 bilateral automatic exchange relationships have been established between over 50 jurisdictions, bringing the total worldwide to over 1,300, which it says marks an important step towards implementing its common reporting standard (CRS) in 2017
23 Dec 2016
As regards those jurisdictions ready to start exchanging tax information in 2017, the OECD says 1,133 out of the total of 1,459 possible bilateral exchange relationships have now been set up. The 326 non activated exchange relationships are mainly due to the fact that six jurisdictions were not yet in a position to provide a full set of notifications.
Two more rounds of activations are scheduled to take place in March and June 2017 which will allow the remaining 2017 and 2018 jurisdictions to nominate the partners with which they will undertake automatic exchanges in the coming months.
The OECD says the next update on the latest bilateral exchange relationships will be published before the end of March 2017, with updates to follow on a periodic basis. In total, 101 jurisdictions have agreed to start automatically exchanging financial account information in September 2017 and 2018, under the CRS.