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Hungary To Save Billions By OECD Agreement On Tax Data Exchange

Tamás Székely 2014.10.30.

Finance ministers and tax chiefs from 51 countries met in Berling on Wednesday to sign an agreement to automatically swap tax information, which Germany’s finance minister said heralded the end of tax evasion via secret bank accounts.

“Let’s make a joint contribution to more transparency and fairness in our globalized 21st century,” Wolfgang Schaeuble told a taxation conference of about 100 countries coordinated by the Organisation for Economic Cooperation and Development. OECD Secretary General Angel Gurria said the taxation deal should “help to recover the trust the public today has lost” during the global financial crisis and economic downturn. “Tax evasion is not just illegal, it is immoral,” Britain’s finance minister, George Osborne, told a news conference by the ministers.

On behalf of the Hungarian government Mihály Varga, the economy minister, signed an international agreement in Berlin facilitating the exchange of tax-related information. The agreement, signed by representatives of 51 countries at OECD’s global forum on transparency and tax data sharing, is “a milestone in the fight against tax evasion,” Varga told MTI after the signing ceremony. Signatories to the agreement will automatically share certain tax-related information concerning both private individuals and companies, Varga said. He added that the automatic exchange will start in September 2017.

via businessinsider.com and hungarymatters.hu photo: Tobias Schwarz – AFP


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