The Global Forum on Transparency and Exchange of Information for Tax Purposes
is the main international body working to implement global transparency and information exchange standards around the world. The Global Forum provides a multilateral response to combating off-shore tax evasion. It brings together more than 160 jurisdictions dedicated to improving transparency and information sharing for tax purposes. It does this by promoting and ensuring the effective implementation of two complementary international standards, both of which provide for closer cooperation between tax authorities around the world so that they can obtain the information they need to ensure tax compliance, such as cross-border investments.
The first agreed and implemented standard
provides for the international exchange of information on request (EOIR), where a tax authority may request certain information to progress a tax investigation.
The second provides for the automatic international exchange of information
(AEOI), where a predefined set of information on financial accounts held by non-residents is automatically exchanged each year. This exchange is based on ensuring that information is kept confidential and properly protected, and jurisdictions have special requirements to ensure this.