The recent Global Forum on Transparency and Exchange of Information for Tax Purposes held in Berlin, Germany endorsed the new OECD standard called the global Common Reporting Standard for the automatic exchange of tax information (AEOI).
The global move towards the sharing of tax information to address cross-border tax evasion was buttressed further at the G20 leaders’ summit in Brisbane earlier this month. The G20/OECD Base Erosion and Profit Shifting (BEPS) Action Plan advanced towards finalisation. This is scheduled to occur in 2015.
The exchange of information to be facilitated through these two initiatives is dependent on each jurisdiction’s completion of legislative and administrative procedures to enable the exchanges to occur. Countries will commence information exchanging either in 2017, 2018 or 2019 when reporting is likely to be compulsory for participating jurisdictions, of which there are currently fifty-one. New Zealand is scheduled to begin exchanging information in 2018.