Greece is among the countries that welcome the new Multilateral Competent Authorities Agreement on the Automatic Exchange of Readily Available Information on Ιmmovable Property (IPI MCAA) between tax authorities, which was developed by the OECD.
As noted in a relevant announcement by the Ministry of National Economy and Finance, the collective commitment to exchange readily available information on immovable property was signed by the following countries: Belgium, Brazil, Chile, Costa Rica, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Korea, Lithuania, Malta, New Zealand, Norway, Peru, Portugal, Romania, Slovenia, South Africa, Spain, Sweden and the United Kingdom; and the United Kingdom Overseas Territory of Gibraltar.
“The broad adoption of the IPI MCAA is an important step towards achieving tax transparency on non-financial assets. It will strengthen our ability to monitor and enforce tax compliance, as well as combat tax evasion, which undermines public revenues and unfairly shifts the tax burden to compliant taxpayers,” according to the statement of the countries, which aim to join the IPI MCAA by 2029 or 2030.
The joint statement
“In recent years, developments in tax policy have significantly enhanced cross-border exchanges of tax information and international cooperation between tax administrations, combating offshore tax non-compliance and tax secrecy in financial accounts. This includes providing transparency through the automatic exchange of financial assets (through the Common Reporting Standard) and crypto-assets (through the Crypto-Asset Reporting Framework).
Despite these significant advances in automatic exchange of information, there is still no mechanism for jurisdictions to exchange information on non-financial assets, in particular real estate.
Recognizing that ownership and transactions involving real estate often have cross-border elements, we recognize the need for improved mechanisms to ensure that tax authorities have access to information on real estate assets held and income derived therefrom abroad, for the effective enforcement of tax laws. We therefore welcome the new Multilateral Competent Authorities Agreement on the Automatic Exchange of Readily Available Information on Immovable Property (IPI MCAA) between tax authorities, developed by the OECD.
The widespread adoption of the IPI MCAA is an important step towards achieving tax transparency on non-financial assets. It will strengthen our ability to monitor and enforce tax compliance, as well as combat tax evasion, which undermines public revenues and unfairly shifts the tax burden to compliant taxpayers.
Our goal is to join the IPI MCAA by 2029 or 2030, subject to domestic processes, as appropriate.
We also encourage other jurisdictions to join this initiative in the collective effort to promote transparency, fairness and efficiency in global taxation.”
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