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OECD: first information exchange is scheduled and about to start

OECD: first information exchange is scheduled and about to start

The actual peer reviews within the Multilateral Competent Authority Agreement (hereinafter –
MCAA) for the automatic exchange of financial account information are about to start. The first batch of peer reviews is scheduled for December 2016. The peer reviews will be carried out in groups, with the first group covering Belgium, Canada, Netherlands, Switzerland, the UK and the US. The Forum on Tax Administration will have a designated forum to organize and conduct the peer review and monitoring process in a due manner with all members participating on equal grounds.
For the purposes of the above, on 20 October 2016, the OECD released key documents to form the basis of the Mutual Agreement Procedure (hereinafter – MAP) peer review and monitoring process. The documents include the following: (i) the “Terms of Reference”; (ii) the
“Assessment Methodology”; (iii) the “MAP statistics reporting framework” and (iv) “Guidance on information and documentation to be submitted with a MAP request.”
It is worth reminding that in October 2016 five additional countries signed the MCAA (namely, Latvia, Brazil, Jersey, Guernsey and the Isle of Man) and in November 2016 two more countries joined (namely, Saudi Arabia and Uruguay), bringing the total number of signatories to 87.

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