The latest countries to join the more than 50 nations already on the list include Luxembourg, Singapore and Austria, which will allow the countries already signed up, such as the UK and the US, to access the names and tax details of individuals and businesses using offshore accounts to avoid paying tax.
The Organisation for Economic Co-operation and Development (OECD), which organised the tax convention where the leaders of the countries signed, hailed the signing ceremony as a “historic moment”.
Singapore’s Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam said his country was committed to tax co-operation but called on other states to sign the agreement to make it work fully.
While Austria’s finance minister Maria Fekter called the signing of the agreement a “huge step forward” for her country, which has traditionally been very secretive over its banking arrangements.
Ms Fekter said that signing the OECD's multilateral convention on mutual administrative assistance on tax matters would increase Austria's ability to actively contribute to the current international effort to tackle tax base erosion and profit shifting.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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