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Paraguay signs Multilateral Convention to curb tax evasion
By TII News Service
May 30, 2018 , Paris

    

IN a mega move to boost transparency and combat cross-border tax evasion, Paraguay has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters here on May 29, 2018. By doing so, Paraguay became the 119th signatory to the convention. 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.

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.

 
 
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