Vietnam joins Multilateral Convention to tackle tax evasion and avoidance

Vietnamese delegation meet with representatives from the Organisation for Economic Cooperation and Development (OECD). (Photo: VNA)

Paris (VNA) – The Organisation for Economic Cooperation and Development (OECD) and Vietnam on March 22 signed the world's most wide-reaching international treaty for multilateral tax cooperation, the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAAC), bringing the total number of jurisdictions that participate in the convention to 147.

The convention enables the jurisdictions to engage in a wide range of mutual assistance in tax matters: exchange of request information, 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.

OECD Deputy Secretary-General Yoshiki Takeuchi welcomed Vietnam's participation in the MAAC, saying that this showed the country's determination to prevent tax evasion abroad, move towards tax transparency, and deal with illegal financial flows. Taxation Dang Ngoc Minh said that in the coming time, Vietnam will step up the building of information infrastructure to exchange and exploit information from other countries, especially information of foreigners and transnational corporations./.