Wednesday, November 12, 2014

Israel Announces that it Will Adopt the OECD Procedure for the Automatic Exchange of Financial Account Information

On November 3, 2014 we posted, Panama Re-Examining the OECD's Automatic Exchange of Information! where we discussed that during the annual meeting of the Global Forum on Transparency and Exchange of Information for Tax Purposes that was held in Berlin on October 28 and 29, 2014, 51 jurisdictions signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, but that Panama is re-examining its options on whether it would comply.

Israel was not one of these 51 jurisdictions.

However on November 11, 2014 the Israeli Ministry of Finance published on the part of their website that is in English a press release (dated October 27, 2014) in which it announces that the Israeli Ministry of Finance has notified the Organization for Economic Co-operation and Development (OECD) that will adopt the procedure for the automatic exchange of financial account information for tax purposes by the end of 2018.

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