OECD: results of tax information exchange in 2019

The Global Forum on Transparency and Exchange of Information for Tax Purposes published a recent study. In 2019, 97 countries carried out automatic exchange of tax information 84 mil offshore financial accounts with total assets of 10 trln EUR.

Comparing to 2018, the number of accounts increased by 80% (from 47 mln), while the sum of assets doubled (from 5 trln EUR).

Experts explain the growth with an increase of jurisdictions and widening of the information scope.

As required by Common Reporting Standard (CRS), countries should exchange non-resident financial account information annually to reduce tax evasion through offshore jurisdictions.

With bank secrecy lifted since 2009, the Global Forum unites 161 countries and jurisdictions under OECD tax standards. In 2019, tax information was exchanged through over 6000 bilateral agreements (increasing by 30% comparing to 4500 in 2018).

Source: https://bit.ly/OECD_10tril 

July 15, 2020