Individuals and companies are increasingly conducting business across borders, making foreign direct investments and carrying out international financial transactions as globalization and technological developments continue to provide new opportunities. Yet tax sovereignty stops at the border and tax administrations are increasingly in need of information from foreign jurisdictions in order to administer and enforce their tax laws. Tax evasion and tax avoidance including base erosion and profit shifting are significant global challenges for both developed and developing countries. The recent financial and economic crisis has also brought into the spotlight the use of tax havens by certain taxpayers to escape their tax obligations and has emphasised the need for countries to cooperate to safeguard their tax receipts.
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