The Organisation for Economic Co-operation and Development (OECD) recently suggested exploring the scope of the Common Reporting Standard (CRS) to include real estate under the automatic exchange of information (AEOI) among countries on a voluntary basis.
About Organisation for Economic Co-operation and Development (OECD)
- It is an international organisation of 38 countries committed to democracy and the market economy.
- OECD members are typically democratic countries that support free-market economies.
- The OECD was established on Dec. 14, 1960, by 18 European nations, plus the United States and Canada.
- Headquarters: Paris, France.
- Goal: The stated goal of the OECD is to shape policies that foster prosperity, equality, opportunity and well-being for all.
- The OECD publishes economic reports, statistical databases, analyses, and forecasts on the outlook for economic growth worldwide.
- The organization also seeks to eliminate bribery and other financial crime worldwide.
- The OECD maintains a so-called "black list" of nations that are considered uncooperative tax havens.
- India is one of the many non-member economies with which the OECD has working relationships in addition to its member countries.
Q) What is a Market Economy?
A market economy is an economic system in which economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses. There may be some government intervention or central planning, but usually this term refers to an economy that is more market oriented in general.In a market economy, most economic decision making is done through voluntary transactions according to the laws of supply and demand.