“The international community has brought about an unprecedented level of transparency in tax matters, which will bring concrete results for government revenues and services in the years to come,” according to OECD Secretary-General Angel Gurria, unveiling the new data prior to a meeting of G20 finance ministers in Fukuoka, Japan, writes the OECD.
“The transparency initiatives we have designed and implemented through the G20 have uncovered a deep pool of offshore funds that can now be effectively taxed by authorities worldwide. Continuing analysis of cross-border financial activity is already demonstrating the extent that international standards on automatic exchange of information have strengthened tax compliance, and we expect to see even stronger results moving forward,” Mr Gurria said.These deposits have fallen by 34% over the past ten years, representing a decline of USD 551 billion, as countries adhered to tighter transparency standards.
A large part of that decline is due to the onset of the AEOI initiative, which accounts for about two thirds of the decrease. Specifically, AEOI has led to a decline of 20% to 25% in the bank deposits in IFCs, according to preliminary data.
The complete study is expected to be published later this year.“These impressive results are only the first stock-taking of our collective efforts,” Mr Gurria said. “Even more tax revenue is expected as countries continue to process the information received through data-matching and other investigation tools.
We really are moving closer to a world where there is nowhere left to hide.”.
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