October 15, 2024
Financial Assets

Tax transparency and international co-operation


The OECD is a global standard setter and consensus facilitator to tackle tax evasion and avoidance. Working to enhance tax transparency and exchange of information between tax administrations, it has contributed to ending bank secrecy for tax purposes. In 2022, information was exchanged on 123 million bank accounts worth EUR 12 trillion. 

The international standards developed by the OECD provide for transparency and exchange of information on request (EOIR) and for automatic exchange of financial account information (AEOI). 

The EOIR standard requires that information that is “foreseeably relevant” for tax purposes, such as information on the identity of the legal and beneficial owners of assets, companies and accounts, be available and accessible to tax authorities that can then exchange this information with tax authorities in other jurisdictions, on the basis of an international agreement.  

The AEOI standard, covering the Common Reporting Standard and the Crypto-Asset Reporting Framework, requires the annual exchange of a predefined set of information on financial accounts and crypto-asset transactions between tax authorities. Under the AEOI Standard, participating jurisdictions collect information from their financial institutions and crypto-asset service providers on the basis of a common set of due diligence and reporting requirements and automatically exchange such information in a predefined format with the country of residence of the account holders and crypto-asset users. 



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