This section presents all the bilateral exchange relations currently under way for the automatic exchange of information on IRS, in accordance with Article 6 of the Multilateral Convention and the CRS-MCAA, as well as within the framework of the EU. In addition, some legal systems have bilateral IRS information exchange agreements under bilateral tax treaties or tax information exchanges. The Global Forum is an important international body that is responsible for implementing international standards on tax transparency. It ensures that these high standards of transparency and information exchange for tax purposes apply around the world through its monitoring and peer review activities. Maltese Minister John Dalli added: “It is essential that the agreement becomes the international standard. In its introduction, the exchange agreement recognizes that it is “important that financial centres around the world comply with the standards for the exchange of tax information set out in this document.” It encourages as many savings as possible to participate in this important undertaking and notes that it is not in the interests of the participating economies that “the implementation of the standards contained in this agreement should lead to a migration of businesses to economies that do not participate in the exchange of information.” OECD members and promised jurisdictions will conduct an ongoing dialogue to work towards this goal. Until August 2020, more than 4,200 bilateral exchanges have been activated for more than 100 jurisdictions that have engaged with the IRS, with the next exchanges between these jurisdictions scheduled for the end of September 2020. The agreement was born out of the OECD`s work on combating harmful tax practices. The lack of effective exchange of information is one of the main criteria for determining harmful tax practices. The agreement is the standard for the effective exchange of information within the meaning of the OECD`s initiative on harmful tax practices. For example, if the agreement is in effect for taxable periods from or after January 1, 2016 and the relationship contains the DTY designation, the first SIR scholarships will begin in 2018. Without the DTY, trade can begin the year after the convention comes into force, i.e.
in 2017. On 23 February 2014, G20 finance ministers approved the Common Reporting Standard for automatic exchange of tax information, which is now in Part II of the full version of the standard. On 6 May 2014, the OECD declaration on the automatic exchange of tax information was approved by the 34 Member States and several third countries. More than 65 legal systems have publicly committed to implementing them and more than 40 have committed to establishing a concrete and ambitious timetable, which has resulted in the first automatic exchange of information in 2017 (starting and receiving points).