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Developing countries and the automatic exchange of information standard – a “one-size-fits all” solution?
Published on 01 Apr 16 by "AUSTRALIAN TAX FORUM" JOURNAL ARTICLE
Recently, the Organisation for Economic Co?operation and Development (OECD), at the invitation of G20 countries, developed what it refers to as the new single global standard for the automatic exchange of information (AEOI) between key revenue authorities worldwide. This standard, if adopted by a country, would require the annual AEOI relating to financial accounts obtained from financial institutions and exchanged in a common reporting format or standard. Theoretically, the adoption of the AEOI standard on a global scale would equip all countries to address the illicit flow of money to locations which result in tax avoidance and other forms of non?compliance. However, the success of the AEOI standard relies on countries to be able to first, collect and supply the information required and second, effectively use and benefit from the information provided to them. This means that such an adoption places an onerous administrative burden on a country and this is arguably especially the case for developing countries which do not have the same level of administrative resources and intellectual capital as developed countries.
Author profiles
Prof Kerrie Sadiq CTA
Professor Kerrie Sadiq holds the position of Professor of Taxation in the School of Accountancy at the QUT Business School, Queensland University of Technology. Kerrie’s primary areas of expertise are international tax, tax expenditures and capital gains tax. She is the co-editor of Australian Tax Review, an internationally recognised leading academic tax journal. She is author of publications in both Australian and International journals and edited books, including the Bulletin for International Taxation, Australian Tax Forum, Journal of International Tax, Canadian Tax Journal and the New Zealand Journal of Taxation Law and Policy. She is the general editor and co-author of leading taxation texts used in universities throughout Australia. Prior to joining Queensland University of Technology, Kerrie spent 20 years at The University of Queensland as a member of both their Law School and Business School. Academic Qualifications: • Doctor of Philosophy, Deakin University (PhD) • Master of Laws, Queensland University of Technology (LLM) • Bachelor of Laws, The University of Queensland (LLB (Hons)) • Bachelor of Commerce, The University of Queensland (BCom) Professional Associations & Designations: • Chartered Accountant (CA), Chartered Accountants Australia and New Zealand • Certified Practice Accountant (CPA), CPA Australia • Chartered Tax Adviser (CTA), Tax Institute (Australia) • Graduate of the Australian Institute of Company Directors (GAICD designation) - Current at 25 August 2020
Prof Adrian Sawyer
Adrian is Professor of Taxation in the Department of Accounting and Information Systems at the University of Canterbury, Christchurch NZ. - Current at 01 March 2015
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