Greenland, Cambodia, Madagascar and Haiti joined the participants of the Global Forum on Transparency and Information Exchange in the field of taxation, thereby they undertook liabilities to comply with international standards for the exchange of this kind of information.
The Secretariat of the Global Forum, created on the basis of the Organization for Economic Cooperation and Development (OECD), will work with Cambodia, Haiti and Madagascar as countries with economies in transition to create automatic information exchange systems.
Meanwhile, Brunei signed a multilateral convention of the Organization for Economic Cooperation and Development on mutual administrative assistance in the field of taxation.
It should be recalled that the Global Forum on Transparency and Information Exchange for Tax Purposes is an international structure created by the decision of the Council of the Organization for Economic Cooperation and Development, among which all G20 member states, OECD member countries, major international financial centres, as well as many developing countries.
Participation in the Global Forum enables countries to intensify and facilitate the process of signing information exchange agreements with other countries, including international financial centres; to receive information on the legislative and normative base of countries in the field of transparency of taxation; to become more attractive to foreign investors in view of the implementation of international standards on transparency and exchange of information; to expand the exchange of tax information with the member states of the Global Forum, which contributes to the fight against tax evasion and, accordingly, to increase budget revenues.