The UK will be provided with a wealth of information about companies and individuals registered in well-known tax havens after nine more countries signed up to international tax protocols.
Luxembourg, Singapore and Austria, a traditionally secretive banking jurisdiction, were among the countries adding their names to a list of more than 50 countries who have agreed to automatically exchange tax information, help foreign nations to clamp down on tax debtors and allow countries to conduct wide-ranging joint multiparty tax investigations.
The Austrian finance minister, Maria Fekter, hailed the news, announced at the OECD ministerial meeting in Paris, as a “huge step forward” for her country.
She said that signing the OECD’s multilateral convention on mutual administrative assistance on tax matters would “increase Austria’s ability to actively contribute to the current international effort to [tackle tax] base erosion and profit shifting”.
After many decades of banking secrecy which have allowed foreign account holders to veil their assets, Fekter said “recent developments” had persuaded Austria of “the importance of such cross-border co-operation in order to minimise the opportunity for international tax avoidance and evasion”.
via The Guardian
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