OECD reports to G8 on global system of automatic exchange of tax information

A new OECD report, A Step Change in Tax Transparency, prepared at the request of the G8 for the Lough Erne Summit, outlines four concrete steps needed to put in place a global, secure and cost effective model of automatic exchange of information. The report follows the G20 Finance Minister’s endorsement in April 2013 of automatic exchange of information for tax purposes as the expected new standard. It says because tax evasion is a global issue, the model needs to have worldwide reach to avoid merely relocating the problem elsewhere. The process also needs to be standardised to minimise costs for businesses and governments and to improve effectiveness.