Gabon has signed a multilateral convention on mutual administrative assistance in tax matters on the avoidance of double taxation and the prevention of income tax evasion.

Gabon is the seventh African country to sign the treaty since it was opened for signature to all countries in June 2011.

The Multilateral Convention provides for all forms of mutual assistance including exchange on request, spontaneous exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection, while protecting taxpayers’ rights.

In addition, it also offers the opportunity to undertake automatic exchange, requiring an agreement between the Parties interested in adopting this form of assistance.

Nearly 66 countries and jurisdictions have now committed to early adoption of the standard.

Pascal Saint-Amans, director of the OECD’s Centre for Tax Policy and Administration, said: "We hope it will act as an encouragement to other African and developing countries to also join this important area of international co-operation in the fight for a fairer and more transparent international tax system.

"Already a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes since October 2012, Gabon’s commitment today plays an important role for regional co-operation in tax matters and demonstrates effective action towards greater exchange of information," he added.