OECD backs automatic cross-border exchange of tax information

06/18/2013 | Washington Post (tiered subscription model), The

The Organization for Economic Cooperation and Development called for the establishment of an international system for automatically sending information about companies' and individuals' earnings and profits from the countries where they are generated to the countries where they may owe taxes on the funds. The new reporting requirements imposed on foreign financial institutions by the U.S. Foreign Account Tax Compliance Act have already laid the foundation for such a system, the OECD said.

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