Seven new countries have joined the Multilateral Competent Authority Agreement (MCAA) that enables exchange of information automatically under the Organisation for Economic Co-operation and Development (OECD) standard, to bolster international efforts to fight against offshore tax evasion.
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The new countries, which joined the agreement, include Australia, Canada, Chile, Costa Rica, India, Indonesia and New Zealand, bringing the total number of jurisdictions to 61.
By joining the agreement, the countries will commit to the Standard for Automatic Exchange of Financial Information in Tax Matters, developed by the OECD and G20 countries in 2014.
Together with the newly joining countries, 94 jurisdictions have committed to implement the standard, agreeing to launch the first automatic information exchanges in 2017 or 2018.
OECD secretary-general Angel Gurría said: "The world is quickly becoming a much smaller place, both for tax evaders and tax administrations.
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By GlobalData"We expect a truly significant amount of additional financial information to circulate among authorities in the coming years, resulting in less tax evasion, greater tax revenues and a fairer tax system for honest taxpayers."
