“On October 29, 2014, through the OECD “Global Forum on Transparency and Exchange of Information for Tax Purposes,” both the OECD and G20 countries endorsed a new Standard for Automatic Exchange of Financial Account Information in Tax Matter. 59 countries are so-called “early adopters” and are committed to undertaking their first exchanges by 2017. 35 other countries (including Canada) have committed to undertaking their first information exchanges by 2018. The U.S. has agreed to participate in automatic information exchanges through its Foreign Account Tax Compliance Act (FATCA), pursuant to its bi-lateral Intergovernmental Agreements.”
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