Daily Tax Report ®

OECD Guides Countries in Boosting Security of Exchanged Tax Data

Dec. 1, 2020, 5:43 PM

The OECD is helping more developing countries benefit from a financial information exchange, with a toolkit to help them develop better data security.

The toolkit, released Tuesday, helps countries bolster their legal frameworks to carry out Automatic Exchange of Information—taking part in an international transparency initiative designed to help end global bank secrecy.

  • Participating jurisdictions must meet the Organization for Economic Cooperation and Development’s requirements for keeping the exchanged information secure and confidential before being able to receive data.
  • Tax authorities have identified over 100 billion euros in additional revenue thanks to voluntary disclosure programs and offshore investigations...

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