Fifteen Nations Sign Pact on Cooperation in Tax Matters

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Fifteen countries, including the United States, sign an update to a 1988 multilateral pact on administrative cooperation in tax matters that aims to provide a legal framework for transborder cooperation while respecting national sovereignty and taxpayers' rights. The Convention on Mutual Administrative Assistance in Tax Matters, which took effect in 1995, was founded by the OECD and the Council of Europe, which now serve as its custodians.