MCAA of OECD for curbing tax evasion & dealing with problem of black money
Q. Consider the following statements
1. Organization for Economic Co-operation and Development (OECD) came up with Multilateral Competent Authority Agreement (MCAA) for the implementation of automatic exchange of tax information.
2.Partnered countries are expected to start exchanging information under the MCAA by 2018.
3. This agreement will help the governments to curb tax evasion and deal with the problem of black money.
Which of these statements are true?- Published on 06 Jun 15a. 1,2
b. 2,3
c. 1,3
d. All
ANSWER: All
India has signed the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information. The declaration to comply with the provisions of the agreement was signed in Paris.54 countries have already joined the MCAA. The target is to reach 94 countries by 2017.
