New Provisions For Exchange of Information

Today in Paris, the Committee on Fiscal Affairs (CFA) of the Organisation for Economic Cooperation and Development (OECD) announced new provisions for the exchange of information between national tax authorities. This is part of its drive for improved co-operation to assist in the administration of domestic tax laws and international tax treaties.

Accordingly, Article 26 of the OECD's Model Tax Convention has been revised. This article covers the exchange of information on tax matters, and its provisions are accepted as providing the international standard for exchange of information between tax authorities. In its updated version, Article 26 now reflects current practices in many countries as well as an agreement between OECD countries on the ideal standard of access to bank information for tax purposes.