More countries have signed up to a multilateral agreement on how to exchange informatn relating to tax matters.

Australia, Canada, Chile, Costa Rica, India, Indonesia and New Zealand have become the latest countries to joint a multilateral agreement on exchange of financial information on tax matters.

The countries have signed up to the Multilateral Competent Authority Agreement, taking the total number of jurisdictions to 61. The agreement implements the Standard for Automatic Exchange of Financial Information in Tax Matters, developed by the Organisation for Economic Co-operation and Development and Group of 20 countries and presented last year.

The standard provides for annual automatic exchange between governments of financial account information, including balances, interest, dividends and sales proceeds from financial assets. It covers accounts held by individuals and entities, including trusts and foundations, the OECD said in a statement yesterday.

To date, 94 jurisdictions have committed to implement the standard, agreeing to launch the first automatic information exchanges in 2017 or 2018.