The Organisation for Economic Cooperation and Development (OECD) on 1 June 2016 announced that Jamaica and Uruguay have signed the multilateral convention on mutual administrative assistance in tax matters and that Brazil’s instrument of ratification of the convention has been deposited with the OECD and will enter into force on 1 October 2016.
According to the OECD release, Jamaica and Uruguay became the 95th and 96th jurisdictions to join the convention that provides for all forms of administrative assistance in tax matters—including the exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations, and assistance in tax collection. The convention allows for the automatic exchange of country-by-country reports under the OECD’s base erosion and profit shifting (BEPS) project.
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