- MarketPulse - https://www.marketpulse.com -

International Tax Deal Now with over 50 Members

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 [1]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

Latest posts by Alfonso Esparza (see all [6])