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OECD releases new single global standard on automatic exchange of financial account information to tackle tax avoidance

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Article
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Author: Centre national de coopération au développement (Belgique)

L’OCDE (Organisation de coopération et de développement économiques) a dévoilé aujourd’hui sa proposition de nouveau standard international d’échange automatique d’informations fiscales. Pour le CNCD-11.11.11, l’OCDE répond finalement aux demandes de la société civile et de tous les citoyens attachés aux principes de la justice fiscale…Tout n’est cependant pas réglé. Ainsi des doutes subsistent quant à l’efficacité du nouveau dispositif pour combattre la fraude et l’évasion via des sociétés écran et des trusts. Mais, plus grave encore, ce nouveau système exige, en toute hypothèse, la « réciprocité ». Or, cette réciprocité écarte de fait la plupart des pays en développement du Sud car, à l’heure actuelle, leurs administrations ne sont souvent pas à même de la mettre en œuvre…

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Article
13 February 2014

Standard for Automatic Exchange of Financial Account Information - COMMON REPORTING STANDARD

Author: OECD

G20 Leaders at their meeting...in September 2013 fully endorsed the OECD proposal for a truly global model of automatic exchange [of financial account information] and invited the OECD working with G20 countries to present such a new single standard...The standard...calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged...financial institutions that need to report...different types of accounts and taxpayers covered [and] common due diligence procedures to be followed by financial institutions...The new standard...incorporates progress made within the European Union, as well as global anti-money laundering standards, with the intergovernmental implementation of the US Foreign Account Tax Compliance Act (FATCA)...

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Article
13 February 2014

[PDF] New OECD report on automatic information exchange: Will developing countries be left out?

Author: Tax Justice Network (UK)

The [OECD] report [on a new global standard for countries and tax havens to exchange information with each other] contains many positive elements but falls far short of what the world’s citizens desperately need..[n]otably:...The OECD plan is likely to result in developing countries being excluded because they are expected to provide ‘reciprocal’ information exchange, even though pretty much all active tax havens are in rich countries, and many developing countries would need to sacrifice scarce resources to set up the arrangements to collect the information to be exchanged [;] The OECD standard, while technically useful, contains loopholes that can easily be, and must be, closed [;] Freeports, safety deposit boxes and other kinds of storage mechanism are excluded [;] There are no sanctions for recalcitrant jurisdictions...

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Article
24 January 2013

Tax avoidance - an introduction

Author: compiled by Business & Human Rights Resource Centre

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