Mongolia commits to start automatic exchange of financial account information in 2026
18/04/2023 – Mongolia is committed to implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters (EAR) by 2026. The EAR standard is rolled out globally, 123 of the 167 members of the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) have now committed to start automatic trading on a specific date, and the vast majority having started trading.
“I am delighted to announce Mongolia’s commitment to implement the automatic exchange of information standards starting in September 2026, which will significantly improve our ability to combat tax evasion and promote tax transparency. our financial system,” said Mr. Javkhlan Bold, Minister of Finance of Mongolia. “This is an important step that will provide a level playing field for all taxpayers and show that Mongolia is a responsible and trustworthy member of the international financial community.”
More developing countries are implementing the EAR Standard and this global reach is key to ensuring its effectiveness in combating tax evasion and evasion. The Global Forum Secretariat is committed to promoting and supporting the implementation of the EAR Standard, particularly by developing countries.
Mr. Gaël Perraud, President of the Global Forum, welcomed Mongolia’s commitment: “The Global Forum will monitor Mongolia’s progress in achieving its commitment to start exchanging automatically by 2026 and updates will be shared with Global Forum members and the G20. . Our Secretariat will support Mongolia in its implementation of the standard and help it address any challenges that may arise.”
Context :
The Global Forum is the primary multilateral body responsible for ensuring that jurisdictions around the world adhere to the Transparency and Exchange of Information on Request Standard and the Automatic Exchange of Financial Account Information Standard, and actually implement. These goals are achieved through a robust monitoring and peer review process. The Global Forum also conducts an extensive capacity building program to support its members in the implementation of the standards and to help tax authorities make the best use of cross-border information exchange channels. The implementation of the Global Forum’s capacity building program is only possible thanks to the financial support and trust of its generous donor partners.
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