Considerable increase in number of states participating in the Convention on Mutual Administrative Assistance in Tax Matters caused a huge impact on the number of countries that will automatically conduct financial account information exchange in September 2018.

The abovementioned Convention is the main multinational instrument for the exchange of information related to tax matters, including exchanges upon request, as well as the automatic exchange of Country-by-Country Reports.

As of the 5th July, international legal network for the automatic exchange of offshore financial information under the CRS covers more than 90 jurisdictions. And during this summer, approximately ten more countries plan to follow.

The mentioned above network creates an opportunity to connect more than 100 approved jurisdictions and, as of autumn of 2018, allow to exchange CRS information in accordance with more than 3200 bilateral relationships that are now in place, over 500 new relationships were established since April of this year, stated OECD.

According to the latest statistics, during this year’s April and June, a high level of activity was observed regarding the number of jurisdictions participating in the Convention. Since the beginning of May, Macedonia, Grenada, Hong Kong, Liberia, Macau, Paraguay, and Vanuatu have joined the Convention, bringing the total number of participating jurisdictions up to 124.

The Bahamas, Bahrain, Grenada, Peru, and the United Arab Emirates have deposited their instruments of ratification. OECD said that the mentioned early countries are almost finished with the implementation process of the Convention.