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OECD unveils plan for cross-border tax reporting
The Organization for Economic Cooperation and Development has created and approved an electronic system for tax authorities to exchange information and for financial institutions to report information to tax authorities. The electronic format, called
the Treaty Relief and Compliance Enhancement system, is based on eXtensible Markup Language technology. It allows financial intermediaries to claim reduced withholding tax rates or exemptions on behalf of their portfolio investor customers.
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