TaxWorldWeb – International Tax News

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If a person or entity resident in one jurisdiction owns income-generating assets in another jurisdiction, the resident’s tax authorities generally need to know about that asset or income, to assess their tax liabities. For this reason, jurisdictions exchange information with each other for tax (and other) purposes under a range of international schemes, agreements and protocols. The OECD likes to claim that its weak standards for information exchange “on request” constitute the “internationally agreed standard” for information exchange.