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.
Austria's Federal Council on April 5, 2018, approved the DTA with Japan.
A protocol updating the DTA between India and Kazakhstan entered into force on March 12, 2018, and was published in India's Official Gazette on April 12, 2018.
Finland is proposing to terminate its existing DTA with Portugal at the start of 2019, should Portugal fail to ratify a replacement DTA negotiated between the two states.
The Spanish Senate on April 11, 2018, approved a DTA with Finland.
The Czech Senate on April 4, 2018, approved a law to ratify the DTA being negotiated with Kosovo.
Singapore on March 13, 2018, announced plans to update the DTA with Bangladesh signed in 1979.
Cambodia and Vietnam on April 5, 2018, signed a DTA.
A DTA between India and Zambia was signed during a three-day visit Zambia ending April 12, 2018.
Kosovo on April 4, 2018, approved negotiations towards a DTA with Saudi Arabia.
The Assistance in Recovery clause in the DTA between Australia and France entered into force on April 1, 2018.
The Saudi Cabinet on April 3, 2018, approved a DTA with Hong Kong.
Bangladesh and Azerbaijan on April 6 agreed to speed up negotiations towards a DTA.
South Korea and Vietnam on March 25 agreed to work towards amending their DTA.
The Moroccan upper house of parliament on April 5 passed draft Law No. 22.18, endorsing a DTA signed with Bangladesh.
At a March 15 meeting, representatives from Hungary and Ecuador discussed engaging in talks towards the conclusion of a DTA, Hungary's Ministry of Finance reported on March 21, 2018.
On March 21, 2018, Nigeria completed its domestic ratification procedures in respect of the DTA signed with Singapore.
Kazakhstan's Senate on March 29, 2018, approved a law to ratify the DTA signed with Belarus.
During a meeting on March 29, 2018, representatives from Kenya and Mozambique agreed the two countries should agree a DTA.
Georgia and Saudi Arabia signed a DTA on March 14, 2018.
Turkmenistan and the United Arab Emirates signed a DTA Protocol on March 15, 2018.
India and Hong Kong signed a DTA on March 19, 2018.
France and Luxembourg signed a DTA on March 20, 2018.
The Dutch lower house of parliament on March 15, 2018, approved a DTA signed with Malawi.
Liechtenstein and the United States are newly engaged in negotiations towards a DTA.
Armenia and Denmark signed a DTA on March 14, 2018.