International: Cross-border evasion

International: Cross-border evasion

The OECD and the Council of Europe announced an update to the Convention on Mutual Administrative Assistance in Tax Matters as part of a 'worldwide drive' to combat cross-border tax evasion. The protocol will align the convention to the international standard on information exchange for tax purposes by allowing for the exchange of bank information the OECD said.

The convention groups 14 countries including the UK and the United States. Canada Germany and Spain have signed it but not yet ratified it. Other OECD and Council of Europe members are 'looking at becoming parties' to the convention which is being opened up to other countries that are not members of either organisation. 'Given its multilateral nature the convention is a unique instrument to counteract international tax avoidance and evasion ' said OECD Secretary-General Angel Gurría. The OECD also released a...