In July 2023, following a request from the Indian G20 Presidency, the OECD released a report advocating for enhanced tax transparency in the real estate sector. The report presented several conceptual solutions for voluntarily improving the existing framework. Since then, the OECD has continued its technical work to better understand the information needs of tax administrations, assess the data currently available, and determine the steps required to increase transparency in this area.

In this context, the report outlines the foundational elements necessary to implement greater transparency in practice. These elements can be adopted incrementally by interested jurisdictions, starting with the maximisation of exchanges of readily available information and gradually advancing towards more comprehensive structural solutions for international cooperation in real estate. These solutions will rely on accurate data sources and efficient methods for collecting relevant tax information. Additionally, they will ensure access to beneficial ownership information when real estate is held through legal entities or arrangements.

This report was prepared by the OECD to support the discussions at the July 2024 meeting of G20 Finance Ministers and Central Bank Governors, as requested by the G20 Brazilian Presidency.

Info obtained here