Andorra has become the 48th signatory to an OECD declaration that commits to automatic exchange of information in tax matters.

According to the Andorran Government, the declaration reflects the country’s commitment to implement a new single global standard on automatic exchange of information.

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The standard, which was developed at the OECD and endorsed by G20 finance ministers last February, will require countries and jurisdictions to receive financial information from their financial institutions and exchange that information automatically with other jurisdictions on an annual basis.

The Declaration commits countries to implement a new single global standard on automatic exchange of information.

The Declaration on automatic exchange of information in tax matters was approved during the OECD’s annual ministerial council meeting in Paris by all 34 member countries including Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa.

The OECD will deliver a detailed Commentary on the new standard, as well as technical solutions to implement the actual information exchanges, during a meeting of G20 finance ministers in September 2014.

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G20 governments have mandated the OECD-hosted Global Forum on Transparency and Exchange of Information for Tax Purposes to monitor and review implementation of the standard.

However, additional Global Forum members are expected to support the standard after an annual Global Forum meeting that will happen in Berlin later this year.