OECD Exchange of Information Article 26 has been updated

Dr. Trudy Marie Attard | Published on 07 Aug 2012

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In July 2012 the Organisation for Economic Cooperation and Development has updated Article 26 of the OECD Model Tax Convention, which sets out the international standard on exchange of information. Article 26 provides for the exchange of information upon request where the information is “foreseeably relevant” for the administration of taxes, regardless of bank secrecy and a domestic tax interest.
Article 26 has been updated to allow for group requests pursuant to which tax authorities may request information on a group of taxpayers, without naming them individually. Further, information received may be used for other purposes when it is also used for such other purposes under the laws of both States. Ultimately, the proviso prevents against fishing expeditions and encourages transparency.
All OECD member countries have endorsed this latest update.

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