Common use of Transparency and Exchange of Information for Tax Purposes Clause in Contracts

Transparency and Exchange of Information for Tax Purposes. 1. The Parties recognize the importance of transparency and exchange of information between tax competent authorities for tax purposes based on internationally agreed standards, pursuant to applicable tax conventions that provide legal authority for the exchange of information for tax purposes (applicable tax conventions). 2. The Parties recognize, consistent with Section D, that increased capacity and expertise on the requirements regarding confidentiality of exchanged information will lead to greater participation in the exchange of information for tax purposes based on internationally agreed standards, more effective use of exchanged information, and increased cooperation between jurisdictions. 3. The Parties support the work of the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes to assist jurisdictions in implementing the exchange of information for tax purposes between tax competent authorities, such as the automatic exchange of financial account information, including assistance in meeting confidentiality and data safeguarding standards, pursuant to applicable tax conventions. 4. The Parties support the OECD Crypto-Asset Reporting Framework as an integral addition to the global standards for automatic exchange of information for tax purposes.

Transparency and Exchange of Information for Tax Purposes. 1. The Parties recognize the importance of transparency and exchange of information between tax competent authorities for tax purposes based on internationally agreed standards, pursuant to applicable tax conventions that provide legal authority for the exchange of information for tax purposes (applicable tax conventions). 2. The Parties recognize, consistent with Section D, that increased capacity and expertise on the requirements regarding confidentiality of exchanged information will lead to greater participation in the exchange of information for tax purposes based on internationally agreed standards, more effective use of exchanged information, and increased cooperation between jurisdictions. 3. The Parties support the work of the OECD’s 's Global Forum on Transparency and Exchange of Information for Tax Purposes to assist jurisdictions in implementing the exchange of information for tax purposes between tax competent authorities, such as the automatic exchange of financial account information, including assistance in meeting confidentiality and data safeguarding standards, pursuant to applicable tax conventions. 4. The Parties support the OECD Crypto-Asset Reporting Framework as an integral addition to the global standards for automatic exchange of information for tax purposes.