ICC advises the UN on Automatic Exchange of Information (2014)
ICC’s Perspectives on Automatic Exchange of Information
Upon request United Nations Committee of Experts on International Cooperation in Tax Matters, ICC shared its views on Automatic Exchange of Information (“AEOI”) and the revision of Article 26 of the UN Model Convention.
United Nations Committee of Experts on International Cooperation in Tax Matters ICC shared its views on Automatic Exchange of Information (“AEOI”) and the revision of Article 26 of the UN Model Convention.
In the letter to the UN Committee, ICC calls for a coherent and globally consistent standard to be accepted and endorsed by all countries. Such a global standard would ensure a consistent approach to AEOI requirements and achieve benefits such as reducing the additional administrative burden and the associated compliance costs. A common standard would also allow countries to benefit from consistent and predictable reporting, thereby reducing their infrastructure costs. At the same time ICC highlights that confidentiality and avoidance of data misuse are of critical importance in the implementation of AEOI and that to ensure successful and effective implementation technical assistance and capacity building is required – especially to developing countries and economies in transition.
The letter points out that the international community seems to be moving towards accepting the OECD’s Common Reporting Standard as the global standard and that ICC encourages increased synergy among the UN Committee of Experts in Tax Matters and the tax work currently conducted by the OECD and G20.