Representatives of finance ministries and tax authorities from more than 50 countries are coming to Berlin on 28 and 29 October 2014 for the Global Forum on Transparency and Exchange of Information for Tax Purposes.
As part of the conference, more than 30 finance ministers will sign an international agreement on the automatic exchange of tax information on 29 October 2014. This is a significant step forward in the global fight against tax evasion.
Germany has long been in favour of enhanced international cooperation in tax matters. Combating tax evasion is also a priority of the current German G7 Presidency. The automatic exchange of tax information on an annual basis will make it considerably easier for revenue authorities to obtain financial information from other countries, thus enabling them to ensure fair taxation. As a result, it will be much more difficult for tax evaders to hide sources of income from tax authorities or to rely on the inability of authorities to tax anonymous capital. In other words, banking secrecy is a thing of the past.
The Global Forum of the Paris-based Organisation for Economic Co-operation and Development (OECD) is the world’s largest network for international cooperation in matters involving taxes and financial account information. Its members include 121 jurisdictions and the European Union.