Back in February 2020, the G5 Passed agreed to join hands on a lead scheme with multilateral and standard exchange regarding tax material, with a new project on facts exchange, using the so-called FATCA (Foreign Membership Tax Complying Act) swapping model.
Luxembourg, Liechtenstein, Malta, Greece, Iceland and additionally Colombia have wanted to also sign up to this program on automatic change of duty information.
The financing ministers of People from france, Germany, Spain, Spain and also UK proclaimed in a shared statement:
“People very much accept the news by Colombia, Greece, Iceland, Liechtenstein, Luxembourg together with Malta to sign up for the head initiative started by the G5 about the automatic swap of taxation information. With regard to making this commitments and joining the large variety of jurisdictions who have committed to meeting, Colombia, Greece, Iceland, Liechtenstein, Luxembourg and Malta have recognized that those areas which will survive in the future might be those which embrace tax transparency and give good results cooperatively to target tax evasion. In keeping with their news, we look forward to be able to working with Colombia, Portugal, Iceland, Liechtenstein, Luxembourg and then Malta, extremely to seize approaching opportunities and even actively build the automatic swapping of duty information in every one organisations as well as bodies.”
The different standard, being finalized early next year, could mark a significant change in the opportunity to tighten levy evasions. Following the addition of the above mentioned countries, 36 jurisdictions have involved with this mission until now.