The OECD has announced that the Caribbean island Saint Lucia has signed the multilateral convention on mutual administrative assistance in tax matters, bringing the number of jurisdictions to join the agreement to 107
The convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection.
Saint Lucia has already signed the CRS multilateral competent authority agreement (MCAA) based on Article 6 of the convention to put into place the automatic exchange of financial account information.
The OECD said the convention can also be used to swiftly implement the transparency measures of its Base Erosion and Profit Shifting (BEPS) project such as the automatic exchange of country-by-country reports under Action 13 as well as the sharing of rulings under Action 5.
