The OECD has unveiled a new single global standard for the automatic exchange of information between tax authorities worldwide.

The standard calls on jurisdictions to obtain information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. 

The new standard incorporates progress made in this area within the European Union and recognises the importance of US Foreign Account Tax Compliance Act (FATCA).

The Global Forum on Transparency and Exchange of Information for Tax Purposes, hosted by the OECD, brings together 121 jurisdictions worldwide.

On its way to European integration, Serbia could no longer stay away on this process. Off shore jurisdictions have already started to express their ”support” for the new global standard. It's rather a ''must''...