GERMANY: 51 countries sign global information-sharing deal in Berlin to fight tax evasion
Record ID:
708261
GERMANY: 51 countries sign global information-sharing deal in Berlin to fight tax evasion
- Title: GERMANY: 51 countries sign global information-sharing deal in Berlin to fight tax evasion
- Date: 29th October 2014
- Summary: BERLIN, GERMANY (OCTOBER 29, 2014) (REUTERS POOL) FINANCE MINISTERS AND TAX CHIEFS ENTERING ROOM AHEAD OF AGREEMENT SIGNING CEREMONY GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE, ITALIAN MINISTER OF ECONOMY AND FINANCE PIER CARLO PADOAN, FRENCH FINANCE MINISTER MICHEL SAPIN, BRITISH FINANCE MINISTER GEORGE OSBORNE AND SPANISH FINANCE MINISTER LUIS DE GUINDOS STANDING IN ROOM AHEAD OF SIGNING AGREEMENT SAPIN (RIGHT), PADOAN (MIDDLE) STANDING BY TABLE DE GUINDOS (SECOND LEFT), OSBORNE (MIDDLE) STANDING BY TABLE OSBORNE STANDING / TALKING VIEW OF NEWS CONFERENCE ROOM SCHAEUBLE, PADOAN, SAPIN, OSBORNE AND DE GUINDOS SEATED AT TABLE AHEAD OF SIGNING AGREEMENT (SOUNDBITE) (English) GERMAN FINANCE MINISTER, WOLFGANG SCHAEUBLE, SAYING: "This is an important step for a greater cross-border cooperation between tax authorities. The implementation of the new standard and the start of the actual exchange of information in 2017 are a great success in the fight against international tax evasion. We are adapting our national taxation rights to help us meet the challenges. Challenges that arise from the growing pace and intensity of globalisation and digitisation. In this way we are making taxation fairer and increasing people's acceptance of our national tax regimes. The common reporting standard is a pragmatic and effective response to the perceived lack of global governance regarding international tax issues. We have seen in the past that if the action proves successful, other states will follow. Therefore the automatic exchange of financial account information remains open for further countries and jurisdictions to join in." VARIOUS MEETING IN PROGRESS FINANCE MINISTERS CLAPPING FINANCE MINISTERS GATHERING TO POSE FOR PHOTOGRAPHS VARIOUS FINANCE MINISTERS POSING FOR PHOTOGRAPHS
- Embargoed: 13th November 2014 12:00
- Keywords:
- Location: Germany
- Country: Germany
- Topics: Crime,Economy
- Reuters ID: LVABOH79G252NKKYD7IMBEE6MNI0
- Story Text: Finance ministers and tax chiefs from 51 countries signed an agreement on Wednesday (October 29) to automatically swap fiscal information in a bid to end global tax evasion.
The multilateral pact, signed during a meeting coordinated by the Organisation for Economic Cooperation and Development (OECD) in Berlin, was presided over by the Finance Ministers of Europe's "G5" biggest economies: Germany's Wolfgang Schaeuble, France's Michel Sapin, Italy's Pier Carlo Padoan, Spain's Luis de Guindos and Britain's George Osborne.
"This is an important step for a greater cross-border cooperation between tax authorities. The implementation of the new standard and the start of the actual exchange of information in 2017 are a great success in the fight against international tax evasion," said German Finance Minister Wolfgang Schaeuble at the meeting.
"We have seen in the past that if the action proves successful, other states will follow. Therefore the automatic exchange of financial account information remains open for further countries and jurisdictions to join in," Schaeuble added.
The pledge from so many countries to swap tax data is the result of years of effort by the OECD to promote transparency.
The European Union has enforced the automatic exchange of interest income since 2005 and America's Foreign Account Tax Compliance Act (FATCA) has required non-U.S. institutions to provide U.S. tax authorities with data on accounts since 2010. - Copyright Holder: POOL (CAN SELL)
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