Six More Countries Join G5`s Tax Info Exchange Pilot
In April, the UK, France, Germany, Spain, and Italy (the G5), unveiled plans for a multilateral program, to be based on the automatic exchange of tax information. 37 jurisdictions have now expressed their intention to participate.
According to the UK Government, participants recognize that embracing tax transparency and tackling tax evasion will ensure that financial centres continue to prosper.
The G5 finance ministers welcomed the announcement. They said in a joint statement that "the new global standard, to be finalized next year, will mark a step change in our ability to clamp down on tax evasion," and called on jurisdictions to "seize forthcoming opportunities and actively foster automatic exchange of information in all organizations and bodies."
The ministers also reiterated their invitation to all countries to commit to the early adoption of this standard.