The OECD, a club of rich countries, has done well to unveil a single global standard for automatic exchange of financial account information to combat money-laundering and tax evasion. It mandates banks, brokers, and fund houses to collect information from their clients and pass it on to their respective regulators. It is a matter of time with the G20 already turning heat on Switzerland and other tax havens.
OECD`s initiative will end the practice of MNC`s shifting profits to tax havens and avoiding payment of taxes in their homelands.As information exchange becomes automatic, companies will find it harder to inflict "base erosion and profit shifting" on their host nations. Kind Regards! Sunder T
OECD`s initiative will end the practice of MNC`s shifting profits to tax havens and avoiding payment of taxes in their homelands.As information exchange becomes automatic, companies will find it harder to inflict "base erosion and profit shifting" on their host nations. Kind Regards! Sunder T
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