Transfer Pricing Report

OECD Transparency Initiatives Unearth Tax Windfall for Countries

June 7, 2019, 6:02 AM

Global transparency initiatives have turned up more than 95 billion euros ($107 billion) in tax revenue over the last 10 years—a 2 billion euro increase since November, the OECD said.

The OECD’s Automatic Exchange of Information initiative is an agreement between more than 90 jurisdictions to share information about bank accounts and financial transactions as a way to combat financial secrecy.

  • Since 2018, countries have exchanged information about 47 million bank accounts containing 4.9 trillion euros, the Organization for Economic Cooperation and Development said in a June 7 statement.
  • The exchange is part of the Common Reporting...
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