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The Dominican Republic has joined more than 60 other countries in a global anti tax evasion initiative

Six new countries have joined more than 60 countries in an effort to combat tax avoidance.

Azerbaijan, Dominican Republic, Lesotho, Romania, Senegal and Ukraine agreed to join more than 60 other countries in tax co-operation through a key multilateral tax instrument during the first day of a global meeting in Jakarta, Indonesia.

The Global Forum brings together 121 countries and jurisdictions for wide-ranging discussions on transparency and exchange of information.

Dr. Muhammad Chatib Basri, Minister of Finance for Indonesia, said: “I have no doubt that this is the kick-off to a new era in the global tax environment”.

Its sixth meeting attracted more than 200 delegates from 86 member jurisdictions and 11 international organisations

Other actions taken include the publication of new compliance ratings for 50 countries and jurisdictions on practical implementation of the Global Forum’s information exchange standard, and the establishment of a new Automatic Exchange of Information (AEOI) Group, open to all interested countries and jurisdictions, to prepare the move towards AEOI implementation.

The governments are seeking to change international taxation rules to prevent individuals from hiding their money offshore and companies from shifting their profits away from the location where the profit was made. The initiative also seeks to get more tax jurisdictions worldwide to join the Convention on Mutual Administrative Assistance in Tax Matters, which provides a legal basis for automatic exchange of information.

Source: DR1, theinformationdaily.com

Category: DR News |

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Last updated December 8, 2016 at 12:39 AM
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