OECD initiatives have made it clear that the international community will not tolerate harmful tax practices in tax havens that deplete countries` tax bases. This is done naturally when the people of this country invest in tax havens. The hope is that the implementation of the MCAA and the various sanctions and sanctions will lead to the decline of many circumvention measures in practice. On 4 June 2015, 61 countries signed the MCAA, with a number of others committed to the agreement to ensure that the majority of the international community strongly supports the OECD in the fight against tax evasion. The new system should automatically and systematically transmit all relevant information. The agreement has been informally referred to as GATCA (the global version of FATCA), but “CRS is not just an extension of FATCA.” [4] Since October 2014[update], 51 countries have signed the Multilateral Competent Authority Agreement (MCAA) to automatically exchange information on the basis of Article 6 of the Convention on Mutual Tax Assistance. [6] TREATY OF MAP Article 19-Teachers and teachers – 24. November 2010 PDF With more than 100 legal systems committed to exchanging information with each other within the framework of the IRS, exchange relations between legal systems are generally based on the multilateral convention on mutual tax assistance (convention), in which more than 100 jurisdictions participate, and the Multilateral Competent Authority`s (CRS MCAA) CONVENTION, which is based on Article 6. Legal systems can be based on a bilateral agreement, such as a double taxation agreement or an agreement on the exchange of tax information. In addition, some IRS exchanges will be organised on the basis of the relevant EU directive, agreements between the EU and third countries and bilateral agreements such as the agreements between the UK and the CDOT. As of July 2015[update], 53 countries had signed the automatic information exchange agreement; [7] As of July 2016[update], 83 jurisdictions had signed the agreement. [6] In May 2014, 47 countries tentatively agreed on a “common reporting standard” officially designated as the standard for the automatic exchange of information on financial accounts: an automatic exchange of information on residents` assets and income in accordance with the standard.

[2] Among the 34 OECD countries, Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa. [2] For example, the implementation of an agreement between the Government of the Republic of South Africa and the Government of the United States of America on the implementation of the US Foreign Account Tax Compliance Act (FATCA) is an important springboard for South Africa in preparing for the automatic exchange of information within the meaning of the SIR.