China and Monaco sign agreement to prepare for automatic exchange of information

China and Monaco have signed the multilateral competent authority agreement, moving the countries one step closer to adopting automatic exchange of financial account information for tax purposes beginning 2018, the OECD announced in separate releases.

Signing the document on December 16, China became the 77th jurisdiction to  sign the agreement. Monaco signed the document on December 15.

China and the OECD also renewed fort three years a general memorandum of understanding (MOU) for cooperation first signed in 2013, and further signed an MOU establishing a new Multilateral Tax Programme at the OECD-SAT Multilateral Tax Centre in Yangzhou.

See:

• China takes important step to boost international co-operation against tax evasion – OECD

• Monaco confirms its commitment to implement Automatic Exchange of Financial Account Information – OECD