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.
Treaty Update: India - New Zealand
India ratified a third Protocol to its DTA with New Zealand on November 2, 2017, publishing a Notice in its Official Gazette.
Treaty Update: Gibraltar - United Kingdom
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.
Treaty Update: Barbados - Italy
Barbados and Italy have exchanged instruments of ratification in respect of a DTA, which will now become effective from January 1, 2018.
Treaty Update: Switzerland - Pakistan
Switzerland's Government on October 25, 2017, adopted a dispatch on the DTA concluded with Pakistan, enabling its ratification.
Treaty Update: Spain - Portugal
Spain and Portugal signed a DTA on October 18, 2017.
Treaty Update: Pakistan - Latvia
Pakistan and Latvia initialed a DTA on October 25, 2017.
Treaty Update: Spain - Romania
Spain and Romania signed a DTA on October 18, 2017.
Treaty Update: Denmark - Japan
Denmark and Japan signed a DTA Protocol on October 11, 2017.
Treaty Update: Bahamas - Finland
The Bahamas and Finland signed a Protocol to amend their TIEA on October 19, 2017.
Treaty Update: Netherlands - Zambia
The Dutch lower house of parliament on October 24, 2017, approved the ratification of a DTA signed with Zambia.
Treaty Update: Cyprus - Mauritius
Cyprus and Mauritius signed a DTA Protocol on October 23, 2017.
Treaty Update: Armenia - Iran
According to preliminary media reports, Armenia and Iran are to enter into negotiations to revise their DTA.
Treaty Update: United Kingdom - Ukraine
The United Kingdom and Ukraine signed a DTA Protocol on October 9, 2017.
Treaty Update: Spain - Finland
According to preliminary media reports, Spain's Cabinet on October 6, 2017, approved the signing of a DTA and accompanying Protocol with Finland.
Treaty Update: Russia - Japan
Russia and Japan signed a DTA on September 7, 2017.
Treaty Update: Isle of Man - Turkey
A new TIEA between the Isle of Man and Turkey entered into force on October 7, 2017.
Treaty Update: United Kingdom - Belarus
The United Kingdom and Belarus signed a DTA on September 26, 2017.
Treaty Update: Morocco - Togo
According to preliminary reports, Morocco intends to launch DTA negotiations with Togo.
Treaty Update: Morocco - Bahrain
Morocco on September 21, 2017, published a notice in its Official Gazette to ratify and bring into effect the DTA Protocol signed with Bahrain in April 2016.
Treaty Update: Luxembourg - Sri Lanka
At a meeting on September 27, 2017, Luxembourg and Sri Lanka committed to expediting the negotiation of a Protocol to their double tax agreement.
Treaty Update: Burkina Faso - Turkey
Burkina Faso and Turkey initialed a DTA at the conclusion of three-day negotiations on September 22, 2017.
Treaty Update: Kuwait - Turkey
Kuwait and Turkey signed a DTA Protocol on September 15, 2017.
Treaty Update: South Africa - Cameroon
An order to bring into force South Africa's DTA with Cameroon was published in the nation's Official Gazette on September 1, 2017.
Treaty Update: Paraguay - Uruguay
Paraguay and Uruguay signed a DTA on September 8, 2017.
Treaty Update: Spain - Paraguay
According to preliminary media reports, Spain and Paraguay are to relaunch DTA negotiations.