Saint Lucia Signs Up To OECD Multilateral Tax Pact

Saint Lucia has signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, becoming the 107th jurisdiction to join the Convention.

The Convention provides for all forms of administrative assistance in tax matters: exchange of information on request, spontaneous exchange, automatic exchange, tax examinations abroad, simultaneous tax examinations and assistance in tax collection. It guarantees extensive safeguards for the protection of taxpayers' rights.

According to the OECD, the Convention is seen as being the ideal instrument for swift implementation of the new Standard for Automatic Exchange of Financial Account Information in Tax Matters developed by the OECD and G20 countries, as well as for the automatic exchange of country-by-country reports under the OECD/G20 Base Erosion and Profit Shifting (BEPS) Project.