Paraguay joins international efforts against tax evasion and avoidance | WPN World People News

Paraguay signed on May 29, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, making it the 119th jurisdiction to join the world’s leading instrument for boosting transparency and combating cross-border tax evasion. The signing shows Paraguay’s commitment to fully benefit from the exchange of information and the increase in tax transparency that the Convention offers, and marks a further step in Paraguay’s efforts to implement international tax standards since it joined the Global Forum on Transparency and Exchange of Information for Tax Purposes and the Inclusive Framework on BEPS in 2016.

“Paraguay’s decision to sign the multilateral Convention marks an important step in joining the global fight against tax evasion,” OECD Secretary-General Angel Gurría said during a signing ceremony with Paraguay’s Minister of Finance Lea Giménez Duarte in the margins of the annual OECD Forum and Ministerial Council Meeting. “It sends a clear signal of determination to stamp out offshore tax evasion and move forward decisively on tax transparency.”

The Convention is the key instrument for swift implementation of the Standard for Automatic Exchange of Financial Account Information in Tax Matters. The Standard – developed by the OECD and G20 countries – will enable more than 100 jurisdictions to automatically exchange offshore financial account information from September.

The Convention is also a cornerstone for the implementation of the automatic exchange of Country-by-Country reports on the activities of multinational enterprises, under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.

Source: Organization for Economic Co-operation and Development