Category: San Marino

New Zealand Moving Forward With Tax Treaty Amendments

The New Zealand Government has announced the signature of two Orders of Council that will implement amendments to its tax treaty arrangements with India and San Marino. The third protocol to the double tax agreement (DTA) with India updates the information exchange provisions and inserts an article on assistance in… – Continue reading

Cayman commits to BEPS rules to counter EU blacklist

Also commits to country-by-country reporting Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions. Developed by the Organization for Economic Cooperation and Development, base… – Continue reading

Andorra to renounce banking secrecy as it sheds tax haven status

Pyrenees principality approves automatic sharing of information on accounts held by non-residents from EU countries Andorran lawmakers have agreed to end banking secrecy in the Pyrenees mountains principality, approving automatic sharing of information on accounts held by non-residents. The General Council, Andorra’s unicameral parliament, approved a measure that will come… – Continue reading

EU Mulls ‘Substance Test’ to Determine Zero-Rate Tax Havens

European Union member countries are considering a “substance test” to determine whether a country or jurisdiction with a zero corporate tax rate qualifies as a tax haven that doesn’t reflect “real economic activity.” After a host of EU member countries rejected in early November the use of a zero corporate… – Continue reading

EU Countries Block Use of Rates as Tax Haven Criteria

A “number” of European Union countries are blocking a push to include zero corporate tax rates as criteria for the bloc’s tax haven blacklist, according to Slovakia, which holds the rotating EU presidency. EU members have been unable to reach an agreement on cracking down on offshore structures aimed at… – Continue reading

EU to black list tax havens, EU Commissioner Moscovisi says

A list on non-cooperative tax jurisdictions around the world, the first ever common EU list, is being under preparation, Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici has said. “This month, we started the process that will lead, by the end of 2017, to the first ever… – Continue reading

India to get tax, banking related info from Seychelles

NEW DELHI: Aiming to curb tax evasion and avoidance, India has operationalised the Tax Information Exchange Agreement (TIEA) with Seychelles, one of the major sources of foreign investment into the country. The agreement will enable the authorities of both nations to provide assistance through exchange of tax and banking information,… – Continue reading

Monaco signs up to EU’s tax transparency scheme

The EU has signed a fiscal transparency agreement with Monaco in an attempt to stop Europeans hiding undeclared income in the Mediterranean principality. EurActiv Spain reports. Famous for its glamorous casinos and annual Formula One race, Monaco is also known for not levying income tax and for being somewhat of… – Continue reading

EU and Andorra sign deal to curb tax evasion

The EU and Andorra have signed a new tax transparency agreement that will make it harder for EU citizens to stash undeclared income in financial institutions in Andorra. The agreement is in line with EU’s effort to increase tax transparency and tackle tax avoidance and evasion. This deal complies with… – Continue reading

Singaporean – San Marinese DTA entered into force

On December 18, 2015 the Inland Revenue Authority of Singapore issued a press release announcing that on that same date the Agreement between the Government of the Republic of Singapore and the Government of the Republic of San Marino for the Avoidance of Double Taxation and the Prevention of Fiscal… – Continue reading

Italy to Get $4.4 Billion in Proceeds From Tax Amnesty

ROME—The Italian government will pocket over €4 billion ($4.4 billion) in proceeds from a tax amnesty it launched as part of a broad crack down on Italian money stashed abroad. The additional money will be a boon for the government, as it seeks to meet its budget targets amid a… – Continue reading

Fighting tax evasion: EU and the Republic of San Marino sign new tax transparency agreement

The new agreement marks the end of bank secrecy between San Marino and the EU. As of 2017, San Marino and EU Member States will automatically exchange information on the financial accounts of one another’s residents. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “This agreement… – Continue reading

East Africa: New Reporting Code for Mncs Could Save Africa $35b

East African countries expect to collect more revenue under a new code drawn, by the world’s richest economies to stop foreign multinationals from dodging taxes in host countries. The new code — Base Erosion and Profit Shifting (BEPS) — adopted by G20 at its meeting in Turkey two weeks ago,… – Continue reading

Wanted: central bank boss to fix 1,700-year-old European tax haven

MILAN (Reuters) – San Marino is looking for a new central bank governor to clean up its banks – traditional havens for tax dodgers – and fix their badly damaged balance sheets. Big problems for the micro-state began in 2009 when Italy, hit hard by the global financial crisis, added… – Continue reading

The EC repeals savings taxation directive

The Council of European Union has revoked Directive 2003/48/EC, which has allowed tax administrations better access to information on private savers since 2005. By revoking the directive, which is part of a tax transparency package presented by the Commission in March this year, the Council says it strengthens measures to… – Continue reading

Fighting tax evasion: EU and Andorra finalise negotiations on new tax transparency agreement

Today the EU and Andorra initialled the text of a new tax transparency agreement, marking another important step forward in the fight against tax evasion. Under the new agreement, Andorra and EU Member States will automatically exchange information on the financial accounts of each other’s residents from 2018. Pierre Moscovici,… – Continue reading

Fighting tax evasion: EU and Liechtenstein sign new tax transparency agreement

Under the new agreement, Liechtenstein and EU Member States will automatically exchange information on the financial accounts of each other’s residents from 2017. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Today the EU and Liechtenstein are sending out a clear message: we are partners in… – Continue reading

FATCA, bilateral meeting Pasquale Valentini – John R. Phillips

The Ambassador of the United States of America, John R. Phillips, today in the Republic for the signing of the intergovernmental FATCA, met this morning at Palazzo Begni, the Secretary of State for Foreign Affairs, Pasquale Valentini. A bilateral especially focused on the issues – all current – which has… – Continue reading

Another four tax information exchange agreements now in force

Bern, 09.09.2015 – The tax information exchange agreements with Andorra, Greenland, San Marino and the Seychelles have come into force. They will apply from 1 January 2016. Following the completion of the corresponding ratification processes, the tax information exchange agreements (TIEA) have come into force with Andorra (27 July 2015),… – Continue reading

India approves pact with Seychelles to curb tax evasion, avoidance

To check black money generation, the government today approved signing and ratification of the agreement between India and Seychelles for exchange of information with respect to taxes, reports the Economic Times. The agreement will stimulate the information exchange between India and Seychelles for tax purposes, which will help curb tax… – Continue reading

Switzerland, Belize Sign TIEA

Switzerland and Belize signed a tax information exchange agreement (TIEA) on August 10, 2015. The agreement is Switzerland’s ninth TIEA. It provides for the exchange of information upon request. It covers Swiss federal, cantonal, and communal taxes on income and capital, and the cantonal and communal inheritance and gift taxes…. – Continue reading

EU signs a historic tax transparency agreement with Switzerland

The Automatic Exchange of Information is fast becoming widely recognised as the most effective instrument to fight against tax evasion. With cooperation between tax administrations being high on the agenda in the ongoing fight against tax evasion, protection of integrity of tax systems, and transparency processes seem to be infiltrating… – Continue reading

Policy | San Marino. FATCA, Valentini meets Lazzari and Pedini Amati: ‘It’ s not a tax shelter ‘. The Serenissima

The Serenissima : Foreign Secretary replied to the interpellation submitted by Lazzari and Pedini Amati / FATCA, Valentini: “It is not to be considered as a tax shelter” / Agreement “virtually in place since July 2014”, the signature will come after the ok from Use “FATCA is not an instrument… – Continue reading

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading

Switzerland, EU to tackle tax evasion

Bern and Brussels have clinched a deal to exchange bank account data in an effort to tackle tax fraud. The agreement comes after a recent report exposed the global economic damage caused by offshore accounts. Switzerland and the European Union are teaming up to crack down on tax cheats, officials… – Continue reading

Combatting corporate tax avoidance: Commission presents Tax Transparency

1.GENERAL QUESTIONS 1.1 Why is the Commission presenting a Tax Transparency Package? The Commission has made the fight against tax evasion and corporate tax avoidance a political priority, with a view to creating a socially and economically more efficient Single Market. While much has been done to advance this agenda… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Luxembourg and Austria drop opposition to banking directive

States agree to automatic exchange of non-EU citizens’ savings account details After years of opposition, Luxembourg and Austria have agreed to back automatic exchange of savings account information on non-citizens to tackle tax fraud in the EU. Their shift was welcomed by other EU leaders meeting in Brussels and allows ministers to sign off… – Continue reading

Luxembourg stalls agreement on EU tax evasion law

The Grand Duchy of Luxembourg, a city state of just over a half million inhabitants, on Tuesday refused to agree on a proposed key EU tax evasion law at the monthly Ecofin meeting of European Union finance ministers. Algirdas Šemeta, EU taxation Commissioner, said Tuesday’s failure was “disappointing” because the legislation… – Continue reading

Austria takes harder line on bank secrecy

(Reuters) – Austrian Chancellor Werner Faymann on Wednesday demanded movement in European Union tax talks with Switzerland and other non-EU countries and linked this to whether Vienna will agree to automatically exchange data on cross-border savings. His remarks to reporters after he met Luxembourg Prime Minister Xavier Bettel appeared to… – Continue reading