Finance ministers and tax chiefs from 51 countries have inked an agreement for the automatic exchange of tax information, in an effort to reduce tax evasion.
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The countries signing the information swapping deal include the UK, British Virgin Islands, Cayman Islands, Germany, Gibraltar, Guernsey, Ireland, the Isle of Man, Jersey, Liechtenstein, Luxembourg, Malta, and South Africa.
As part of this Multilateral Competent Authority Agreement, members will be committed to the exchange of non-resident financial account information with tax authorities in the country of residence of an account holder.
The countries participating will also be committed to automatically send and receive pre-agreed information every year.
In this case however, a receiving tax authority will not have to ask for information under powers which are at present included in various bilateral tax agreements between sovereign nations.
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