Treaty to be revised to fight tax evasion

| 06/04/2010

(Bloomberg): The Organization for Economic Cooperation and Development said it agreed with European nations to modify a treaty designed to combat global tax evasion. The revision of the so-called Convention on Mutual Administrative Assistance in Tax Matters aims to “align the convention to the international standard on information exchange for tax purposes by allowing for the exchange of bank information,” the Council of Europe, representing 47 countries from Germany to the U.K., said in a statement today. The treaty will be signed at an OECD meeting on May 27-28 in Paris.

“The convention is a unique instrument to counteract international tax avoidance and evasion,” OECD Secretary General Angel Gurria said in the statement. “The OECD and the Council of Europe have agreed to improve international cooperation to combat tax evasion and the standards set by the convention are being updated to reflect this new consensus.”
 

Category: Business

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  1. Anonymous says:

    I’m a US citizen living and working here or an expat as you like to designate. I pay my taxes – just signed the paperwork and sent to the IRS. Unfortunately some US companies that have subsidiaries in this jurisdiction do not:

    http://thinkprogress.org/2010/04/06/exxon-tax/

    backed up by Bloomberg:

    http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes_2.html

    As much as I realize that my ability to stay here is dependent upon tax evasion, this will be stopped.

    I’m not trying to be malicious, I didn’t make enough here to pay taxes, but there are many countries that are being fiscally burdened and will try to recoup revenues.

    I’m simply pointing out the obvious so that all hell doesn’t break loose when the bell tolls – and unfortunately it tolls for thee!