Mexico has received tax information from 38 jurisdictions after the completion of the first "automatic" transfers of information under the OECD's new international tax transparency standard, the Common Reporting Standard.
The Common Reporting Standard, developed in response to the G20 request and approved by the OECD Council on July 15, 2014, calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions required to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.
To capture a wide range of information, the Standard requires not only deposit-taking banks to report, but also custodial institutions, certain investment entities, and certain insurance companies. The type of account information to be reported on includes account balances, interest, dividends, and sale and redemption proceeds from financial assets.
Mexico said that participating in the CRS will provide the tax authority with the necessary information to keep track of the overseas assets of its citizens for tax enforcement purposes.
Mexico signed up to the CRS in 2014. It is among 49 jurisdictions that began sharing information last month, with 53 more countries to begin exchanging information automatically from next year. Mexico has received information from the following territories: Argentina, Bermuda, Bulgaria, Cyprus, Colombia, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, India, Ireland, the Isle of Man, the Cayman Islands, Italy, Jersey, Latvia, Luxembourg, Malta, Netherlands, Norway, Poland, Spain, South Korea, Spain, Sweden, and the United Kingdom.
Hong Kong announced on January 15, 2018, that it had entered into a competent authority agreement with France for the exchange of country-by-country reports.
Japan signed a DTA with Iceland on January 15, 2018.
According to preliminary media reports, on January 12, 2018, the Czech Republic and South Korea signed a DTA to replace their existing pact.
According to a January 12, 2018, update from the Irish Revenue, the country's DTA with Kazakhstan became effective on January 1, 2018, having entered into force on December 29, 2017.
Japan and Argentina launched DTA negotiations on January 10, 2018.
The United Arab Emirates Cabinet on January 7, 2018, approved two double tax agreements concluded with Moldova and Croatia.
Taiwanese Premier Lai Ching-Te has directed the Ministry of Finance to work towards a Taiwan-US tax treaty.
Cyprus and Saudi Arabia signed a DTA on January 3, 2018.
According to preliminary media reports, Colombia and Japan are negotiating a DTA.
Georgia and Moldova signed a DTA on November 29, 2017.
Luxembourg and Kosovo signed a DTA on December 8, 2017.
Switzerland and the United Kingdom signed a DTA Protocol on November 30, 2017.
According to an update from the Liechtenstein Government, the new DTA with the United Arab Emirates will become effective from January 1, 2018.
According to preliminary media reports, the Netherlands and Liechtenstein held a first round of DTA negotiations over three days ending November 17, 2017.
Saudi Arabia's Cabinet on November 28, 2017, authorized the signing of a DTA with Bulgaria.
Bahrain's Cabinet has approved the signing of a new DTA with Hong Kong, the state news agency said November 13, 2017.
Hong Kong announced on November 24, 2017, that its DTAs with Pakistan and Latvia had entered into force.
Finland on November 2, 2017, confirmed that a new DTA signed with Germany will be effective from January 1, 2018.
The DTA between Cyprus and Iran will become effective from January 1, 2018.
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Gibraltar and the United Kingdom are considering launching negotiations towards a DTA, according to recent comments from the UK's Economic Secretary to the Treasury.
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Spain and Portugal signed a DTA on October 18, 2017.
Pakistan and Latvia initialed a DTA on October 25, 2017.