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CHANCELLOR ATTENDS G5 FINANCE MINISTERS MEETING AND AGREES DATE FOR AUTOMATIC EXCHANGE AGREEMENTS

29th Apr 2014
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This article first appeared in the AIA Accountancy e-News, for more information click here.

Meeting on tax fraud and tax evasion takes place as HM Revenue & Customs writes to taxpayers with offshore accounts.

Chancellor of the Exchequer, George Osborne, has today (Monday 28 April) attended a G5 finance ministers meeting in Paris to discuss further steps on tackling tax evasion and avoidance.

At the meeting, a date for signing automatic exchange of information agreements was agreed between the UK, France, Germany, Italy and Spain.

The new global standard of automatic exchange of tax information – which has been developed by the OECD and endorsed by the G20 – will be signed by the G5 at the October Global Forum meeting in Berlin together with other jurisdictions committed to early adoption.

To date, 44 jurisdictions have joined the initiative launched by the G5 finance ministers last year for early adoption of the new global standard.

These jurisdictions have jointly announced that they will begin to automatically exchange information with each other in 2017, with respect to data collected from 31 December 2015.

This article first appeared in the AIA Accountancy e-News, for more information click here.

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