On November 2, 2016 the OECD announced that Saudi Arabia and Uruguay signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA). The total number of signatories of the MCAA therewith comes to 87. According to the overview of Signatories of the MCAA, both Saudi Arabia and Uruguay intend their first exchange of information to take place in September 2018.

The MCAA is a framework administrative agreement to automatically exchange information based on Article 6 of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

The Convention on Mutual Administrative Assistance in Tax Matters provides a comprehensive multilateral framework for the exchange of information and assistance in tax collection. Its coverage includes administrative assistance between tax authorities for information exchange on request, automatic exchange of information, simultaneous tax examinations and assistance in the collection of tax debts.

Click here to be forwarded to the list of the SIGNATORIES OF THE MULTILATERAL COMPETENT AUTHORITY AGREEMENT AND INTENDED FIRST INFORMATION EXCHANGE DATE (status as of November 2, 2016) as available on the website of the OECD, which will open in a new window.

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