OECD releases data on automatic exchange of information
Released 07 June 2019
The Organisation for Economic Co-operation and Development (OECD) has released data showing automatic exchange of information is improving tax compliance.
More than 90 jurisdictions participating in a global transparency initiative under the OECD’s Common Reporting Standard (CRS) since 2018 have now exchanged information on 47 million offshore accounts, with a total value of around EUR 4.9 trillion. Voluntary disclosure of offshore accounts, financial assets and income in the run-up to full implementation of the Automatic Exchange of Information (AEOI) initiative resulted in more than EUR 95 billion in additional revenue (tax, interest and penalties) for OECD and G20 countries over the 2009-2019 period. This cumulative amount is up by EUR 2 billion since the last reporting by OECD in November 2018.
For more information, see Implementation of tax transparency initiative delivering concrete and impressive results.