Hungary Latest To Sign OECD Tax-Avoidance Agreement

By Ama Sarfo (November 12, 2013, 4:27 PM EST) -- Hungary on Tuesday became the second nation in a week, and 61st nation in total, to sign an Organization for Economic Cooperation and Development information-sharing agreement that aims to thwart tax evasion by creating a worldwide, automatic exchange.

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters was drafted in 1988 but was largely unnoticed until two years ago, when more than 50 countries signed the treaty following a G-20 summit in Cannes, France. Hungary's signing — which follows a signing by Andorra last week — is demonstrative of growing international interest in tax cooperation, according to OECD Secretary-General Angel...

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