Papua New Guinea commits to start automatic exchange of financial account information by 2027

 

24/04/2024 - Papua New Guinea, a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) since 2015, has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by September 2027. Papua New Guinea is the third Global Forum member to commit to AEOI by a specific date since the beginning of the year, after Senegal and Cameroon pledged to start automatic exchanges by 2025 and 2026 respectively. Nearly three quarters of the Global Forum members (126 from 171) are now committed to starting AEOI by a specific date and a large majority are already exchanging.

The Global Forum will accompany Papua New Guinea’s progress in delivering its commitment to start exchanging automatically by 2027 and status updates will be provided to Global Forum members and the G20. The Global Forum Secretariat will assist the country’s tax authorities in all the steps of the implementation of the AEOI Standard.

“Our capacity-building efforts aim to equip developing countries to implement and benefit from all forms of information exchange, and we are delighted to see more and more jurisdictions committing to automatic exchange of financial account information,” said Gaël Perraud, Chair of the Global Forum. “Papua New Guinea’s commitment to AEOI will facilitate the country’s fight against tax evasion and other illicit financial flows and should ultimately boost its domestic resource mobilisation.”

Background documents:

• Status of commitments for the automatic exchange (AEOI)
  
  
• Update on the Implementation of the 2021 Strategy on Unleashing the Potential of Automatic Exchange of Information for Developing Countries
  
  
• Peer Review of the Automatic Exchange of Financial Account Information 2023 Update
  
  
• 2024 Global Forum Capacity Building Report

The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.

The Global Forum capacity-building programme is supported by the following development partners:

For more information, please contact gftaxcooperation@oecd.org.