“The effectiveness of AEOI (Automatic Exchange of Information) will come only when the standard is translated into domestic legislations and hardware in banks' IT.
This means that AEOI will take place in 2017 at the earliest,” Pascal Saint-Amans, Director of the OECD Centre for Tax Policy and Administration, told PTI from Paris.
Paris-based Organisation for Economic Cooperation and Development (OECD) sets the global tax standards and frames conventions against tax frauds, among others.
With respect to automatic exchange of tax information, he said things are at early stages in terms of developing the standard as well as “getting the commitments”.
