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OECD delivers new global standard to target tax cheats

Published on Feb 23, 2014 12:05 PM

SYDNEY (AFP) - The OECD on Sunday delivered a new global standard to crack down on tax evasion with more than 40 countries already committing to the measures.

Organisation for Economic Cooperation and Development (OECD) chief Angel Gurria called it "a real game-changer" that would boost international cooperation to reel in cheats.

"Globalisation of the world's financial system has made it increasingly simple for people to make, hold and manage investments outside their country of residence," he said.

"This new standard on automatic exchange of information will ramp up international tax cooperation, putting governments back on a more even footing as they seek to protect the integrity of their tax systems and fight tax evasion." Offshore tax evasion remains a serious problem worldwide, with vast amounts of funds deposited abroad and sheltered from tax collectors in their home countries.

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