Arab Today, arab today 47 countries move on tax evasion by agreeing to share bank data
Last Updated : GMT 11:31:36
Arab Today, arab today
Arab Today, arab today

47 countries move on tax evasion by agreeing to share bank data

Arab Today, arab today

Arab Today, arab today 47 countries move on tax evasion by agreeing to share bank data

Paris - AFP

Forty-seven countries signed up Tuesday to automatically share bankdata, including key financial centres Singapore and Switzerland, the OECD said, inwhat has been touted as a major step towards cracking down on global tax evasion.Under the declaration, the 47 countries have committed to "swiftly" pass newdomestic laws that will allow them to collect information on all bank accounts andautomatically exchange it with other participating countries.They must also call on their financial centres "to implement the new single globalstandard without delay". The list of signatories includes all 34 members of the Organisation for EconomicCo-operation and Development (OECD), a club of developed nations thatspearheaded the initiative.That includes Switzerland, Liechtenstein and the British jurisdictions of Jersey andGuernsey -- all which have been criticised for high levels of banking secrecy in thepast, laying them open to accusations that they serve as havens for taxevaders.ThelistalsoincludesLuxembourg, even though it is blocking transparencyinitiatives within the European Union.The OECD has also secured the participation of 18 non-OECD nations, including thekey international financial centre of Singapore.The new global standard was described as "a real game-changer" by OECD chiefAngel Gurria when it was unveiled in February. Previously, countries would have to request data on suspected tax cheats using aprocess that was often complicated and some countries were uncooperative.The United States was the catalyst for the change with its so-called FATCA law whichrequires international banks to provide data on accounts held abroad by its citizens and companies or face sanctions.The next step, the new declaration states, is for the OECD's fiscal committee to provide within the coming months clear guidelines on how the standard should beput into practice, and come up with technical solutions to make sure it is effective.A "Global Forum" is also due to be set up to monitor and evaluate individualcountries' efforts.Developed in cooperation with the Group of 20 gathering of advanced and leadingemerging markets, the system should come into force in 2015."This new standard on automatic exchange of information will ramp upinternational tax co-operation, putting governments back on a more even footing as they seek to protect the integrity of their tax systems and fight tax evasion," Gurriasaid in a statement in February.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today 47 countries move on tax evasion by agreeing to share bank data Arab Today, arab today 47 countries move on tax evasion by agreeing to share bank data

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 21:27 2017 Wednesday ,22 February

Banks reject Saudi Telecom bid to resolve debt issue

GMT 15:19 2017 Wednesday ,22 February

Al Rajhi Bank delegation visits Aladdiyat Al Saudia

GMT 11:30 2017 Wednesday ,22 February

HSBC Mena profit falls on higher operating expenses

GMT 13:32 2017 Tuesday ,21 February

UAE Central Bank announces banking developments

GMT 05:09 2017 Tuesday ,21 February

Economy good, but homes in German cities

GMT 07:00 2017 Monday ,20 February

Bank of Singapore opens office in DIFC
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday