The OECD publishes guidance on the spontaneous exchange by no or only nominal tax jurisdictions

The OECD released a guide on 31st October 2019 titled ‘Substantial Activities in No or Only Nominal Tax Jurisdictions: Guidance for the Spontaneous Exchange of Information’.

The document contains guidance on the timelines for the exchanges, the international legal framework and clarifications on the key definitions in order to make sure that jurisdictions receive coherent and reliable information on the activities of the entities in no or only nominal tax jurisdictions and their owners. The guide also contains a standardised IT-format for the spontaneous exchanges, the NTJ XML Schema and the related user guide.

The guide is available to download from the OECD’s website.