A number of Commonwealth nations are among those who have signed an agreement to share tax information, a report by the Organisation for Economic Co-operation and Development (OECD) has said.
Antigua and Barbuda, Barbados, British Virgin Islands, Costa Rica, San Marino, Seychelles, Turks and Caicos Islands and Uruguay have signed the deal which ensures ‘all taxpayers pay their fair share’ of tax.
Participating countries agree to pass on details including bank account details and income to tax authorities in the UK, France, Germany, Italy and Spain.
The international drive, which includes ongoing efforts by the UK Government, aims to track down individuals and businesses using offshore bank accounts to avoid paying taxes.
The report, presented to G20 finance ministers and central bank governors, covers:
Progress on participating countries’ transparency and exchange of information for tax purposes
The OECD’s progress on strengthening automatic exchange of information
Developments to address tax base erosion and profit sharing, a practice often used by multinational corporations.
The OECD’s secretary-general Angel Gurría said: “Now that the tools exist to investigate cross-border tax evasion, all countries must use them to the full.”