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Joining the Club: The United States Signs Up for Reciprocal Tax Cooperation

In a breakthrough which escaped almost everybody’s attention, a group of countries have agreed to share information with each other about their residents’ tax and financial information. The exchange will be automatic, electronic and multilateral, and includes countries which are responsible for more than 90% of global financial services exports. Agreement from the US is a major step, or will be if it is ratified and implemented; and the remaining step is to ensure developing countries are fully included.

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