automatic exchange

automatic exchange

[¦ȯd·ə¦mad·ik iks′chanj]
(electronics)
A telephone, teletypewriter, or data-transmission exchange in which communication between subscribers is effected, without the intervention of an operator, by devices set in operation by the originating subscriber's instrument. Also known as automatic switching system; machine switching system.
References in periodicals archive ?
The signing of the agreement confirms the resolution of the Belgian State to fit into the willingness of European states to progressively generalize the automatic exchange of information as a new global standard in the fight against international tax evasion," said the statement.
The reality will be that for the automatic exchange of information rules should cover what kind of information is to be exchanged, how often, who should collect the information, to whom it should be sent, and in what format," claimed Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration, speaking as if the plot were already a done deal.
Arvind Mayaram, while talking to media on the outcome of the G20 Summit, said that there was also consensus on creating standards for automatic exchange of information on taxes related to multi-national companies to prevent cross border tax evasion and profit shifting.
The EU, with its considerable expertise and experience - for example, in creating an EU-wide system for the automatic exchange of information, or the fight against aggressive tax planning - will push for the automatic exchange of information to become the global standard.
The Lough Erne Declaration - signed by the UK, US, Germany, France, Italy, Canada, Japan and Russia - vows to "fight the scourge of tax evasion" by ensuring automatic exchange of tax information and changing the rules to stop multinational companies shifting profits across borders to avoid paying their fair share.
The Cayman Islands and the US signed an agreement that paves the way for automatic exchange of tax information under US FATCA, reports Caribbean News Now (Nov.
Tax advisers say the automatic exchange of information will make the most common forms of tax evasion difficult, if not impossible, in those countries that agree to it.
Under the agreement, they will trial an international pilot programme which will see the automatic exchange of information between tax jurisdictions while signing up to the Organisation for Economic Co-operation and Development's (OECD) convention on mutual assistance on tax.
The Lough Erne Declaration - signed by the UK, USA, Germany, France, Italy, Canada, Japan and Russia - vows to "fight the scourge of tax evasion" by ensuring automatic exchange of tax information and changing the rules to stop multinational companies shifting profits across borders to avoid paying their fair share.
Chairman FBR Tariq Bajwa said that the government would pave the way for achieving the Ultimate Goal of Automatic exchange of Information.
The Brisbane G20 meet did succeed in putting in place a mechanism for automatic exchange of tax information to curb tax evasion, among member countries by 2017.
A joint agreement on the automatic exchange of information on financial accounts was signed on Wednesday.

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