Belize signs OECD Multilateral Convention on assistance in tax matters

During the ceremony at the Organization for Economic Cooperation and Development (OECD), twelve countries, among them Belize, signed an agreement or a letter of intention to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, which provides for spontaneous exchange of information, simultaneous tax examinations and assistance in tax collection.

Belize, as well as Austria, Estonia, Latvia, Luxembourg, Nigeria, Saudi Arabia, Singapore and the Slovak Republic, has inked the agreement. The jurisdiction has also completed the domestic ratification procedures, along with Ghana, Greece, Ireland, Malta, and the Netherlands.

The Multilateral Convention is consistently supported by the G20. The G20 Finance Ministers and Central Bank Governors stated at their last meeting: “In view of the next G20 Summit, we also strongly encourage all jurisdictions to sign or express interest in signing the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and call on the OECD to report on progress.”

The Convention complements other initiatives to foster the adoption of a standardized model for multilateral information exchange, as well as efforts in the European Union to improve automatic information exchange.

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