Cooperation-OECD State of Senegal: Senegal is taking key measures to improve fiscal transparency
Paris 02/04/2016 - Senegal signed today the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Senegal is the 11th African country to sign the Convention and the 93rd state to join
His Excellency Amadou Ba, Minister of Economy, Finance and Planning of Senegal signed the Convention with the Secretary General of the OECD Angel Gurría.
The Convention includes all forms of administrative assistance in tax matters: information exchange on request, spontaneous, automatic, fiscal controls abroad, simultaneous tax examinations and assistance in collection of tax debts while providing important safeguards for the protection of taxpayers' rights.
The Convention was developed jointly by the OECD and the Council of Europe in 1988 and amended in 2010 in response to the call by the G20 to align the international standard on exchange of information and open it to all countries, ensuring that developing countries could benefit from the new, more transparent environment.
Since then, the Convention has become a truly global instrument. It is considered the ideal instrument for the rapid implementation of the new standard for automatic exchange of information in tax matters on the financial accounts prepared by the OECD and the G20 as well as the automatic exchange of statements for each country in the OECD / G20 to fight against the erosion of the tax base and profit shifting (BEPS). It is also a powerful tool in the fight against illicit financial flows.
By signing the Convention, Senegal takes a new step in the fight against fraud and tax evasion, after joining the Global Forum on Transparency and Exchange of Information in 2012.
Concurrently with the signing of the Convention, Senegal has now also become the 32nd signatory of the Multilateral Agreement between the competent authorities for the automatic exchange of country-by-country declarations (CBC MCAA), which is based on the Article 6 of the Convention and sets up the framework for this type of exchange as provided in Action 13 of the BEPS project.
Under the "CbC MCAA 'tax administrations where a company operates will obtain information annually, beginning with the 2016 accounts, for global distribution of profits and taxes paid, and other indicators for the location of economic activity in multinational companies. It also covers information on the entities that operate in a particular country and the nature of these activities.
Media inquiries should be directed to Pascal Saint-Amans (+33 1 45 24 91 08), Director of the Centre for Policy and Tax Administration (CTPA) or Office CTPA Communications.