The Organisation for Economic Cooperation and Development (OECD) today announced that representatives of the governments of the Dominican Republic and Nauru signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, thus becoming the 97th and 98th jurisdictions to join the agreement. The convention will enter into force for Nauru on 1 October 2016.
As explained in the OECD release, the convention provides for all forms of administrative assistance in tax matters—including, the exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. The aim has been a more transparent environment.
The convention is viewed as an instrument for implementation of the new standard for automatic exchange of financial account information in tax matters, as well as the automatic exchange of country-by-country reports under the OECD’s base erosion and profit shifting (BEPS) project.
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