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Peru has joined two major OECD Conventions

Jun 12, 2018

Peru has joined the multilateral agreement, which is designed to increase transparency and combat cross-border tax evasion.

Peru has taken all of the necessary steps to become a member of the OECD Multilateral Convention on Mutual Assistance in Tax Matters and also the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. This is the most comprehensive multilateral instruments on cross-border tax co-operation.

These implementations will allow for exchange of information on request, as well as automatic exchange of information, pursuant to the Common Reporting Standard and Country-by-Country Reports of large multinational groups.

The first of the mentioned above conventions will enter into force for Peru on 1st of September, the second one will enter into force on 1st of October. National authorities of Peru see this as an important step in further development of international cooperation.

The OECD describes the Convention as the key instrument for swift implementation of the Standard for Automatic Exchange of Financial Account Information regarding Tax Matters. OECD and G20 countries developed the Standard that will allow over 100 jurisdictions to perform an automatic exchange of information in relation to offshore financial accounts.

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