U.S. Holding Back on Signing OECD Tax Information Exchange Pact

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June 4 — Seven new jurisdictions have signed a formal agreement to implement global automatic tax information exchange to fight offshore tax evasion, and China plans to sign it by year's end, the OECD's tax chief told Bloomberg BNA.

On June 3, Australia, Canada, Chile, Costa Rica, India, Indonesia and New Zealand became the latest signatories to the multilateral competent authority agreement to implement the Organization for Economic Cooperation and Development's global standard for automatic exchange of tax information (AEOI). This brings to 61 the number of signatories to date, the Paris-based organization said in a June 4 statement.

Within the Group of 20 countries, which account for about 85 percent of global economic output, the U.S. is among seven jurisdictions that have not yet signed, along with Brazil, China, Japan, Russia, South Korea and Saudi Arabia, according to OECD data.

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