The AEOI has been introduced to fight tax evasion, and is a common reporting standard concluded under the leadership of the Organization for Economic Cooperation and Development (OECD).
The reporting standard governs how the tax authorities of the participating countries exchange information every year regarding bank accounts and custody accounts of tax payers. The information received should enable tax authorities to evaluate tax declarations and to recognize any discrepancies and gaps.
At present, approximately 100 countries have committed to introducing the AEOI.
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