Luxembourg, Liechtenstein, Malta, Greece, Iceland and Colombia have agreed to join the pilot scheme on multilateral automatic exchange of tax information.
The finance ministers of France, Germany, Italy, Spain and the UK said in a joint statement:
"We very much welcome the announcement by Colombia, Greece, Iceland, Liechtenstein, Luxembourg and Malta to join the pilot initiative launched by the G5 on the automatic exchange of tax information. The new global standard, to be finalised early next year, will mark a significant change in our ability to clamp down on tax evasion.
In making this commitment and joining the large number of jurisdictions that have committed to date, Colombia, Greece, Iceland, Liechtenstein, Luxembourg and Malta have recognised that those jurisdictions which will prosper in the future will be those which embrace tax transparency and work cooperatively to tackle tax evasion.
In accordance with their announcement, we look forward to working with Colombia, Greece, Iceland, Liechtenstein, Luxembourg and Malta, notably to seize forthcoming opportunities and actively foster the automatic exchange of tax information in all organisations and bodies. We reiterate our invitation to all countries to likewise commit to the early adoption of the new global standard."
Back in April 2013, the G5 Governments agreed to work together on a pilot scheme on multilateral, automatic and standardized exchange of tax information, with a new pilot initiative on information exchange and is based on the so-called FATCA exchange model.
The new standard, to be finalized early next year, will mark a significant change in the ability to clamp down on tax evasion. Following the addition of the above mentioned countries, 36 jurisdictions have committed to this project until now:
|British Virgin Islands||Ireland||Portugal|
|Cayman Islands||Isle of Man||Romania|
|Germany||Mexico||Turks and Caicos Islands|
Maastricht University - 5th Global Tax Policy Conference: Tax Policy after BEPS, what can be expected? On 6 September 2019 at the Royal Museums of Arts and History in Brussels, Prof. Dr Hans van den Hurk, chairman of the Annual Global Tax Policy Conference of the Maastricht Centre for Taxation (Maastricht University) with his esteem speakers are addressing the above question.Read more