OECD Targets Banks, Brokers In New Tax Info-Sharing Plan

Law360, New York (February 13, 2014, 1:47 PM EST) -- The Organization for Economic Cooperation and Development on Thursday unveiled a single global standard for the automatic exchange of information between tax authorities, trying to stem the tide of offshore tax evasion by regulating banks, brokers, investment vehicles and insurance companies.

The new standard was developed by the OECD in conjunction with the G-20 leaders, and it requires countries to obtain information from their financial institutions and exchange that information automatically with other countries on an annual basis. 

“This is a real game changer,” OECD Secretary-General...
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