Category: Automatic Exchange of Information

Switzerland: Italian Tax Authorities Request Information From Switzerland On UBS Bank Customers

In the past ten years, Switzerland has undertaken significant efforts to combat international tax fraud and tax evasion and to fight for the strict observance of foreign tax laws. In order to do so, a number of tax laws were enacted, allowing Switzerland to comply with international standards issued by the OECD (acting on behalf of the G20). In this respect, Switzerland ratified the Multilateral Convention on Administrative Assistance originally issued by the CoE and the OECD in 1988 and amended in 2011 ("OECD MC"), and it renegotiated numerous Double Taxation Conventions ("DTC"), amongst them also the DTC with Italy, in order to comply with the international standard introduced by the OECD MC in the version of July 2010. ... - Continue reading

Govt launches crackdown on benami assets

ISLAMABAD: The government has kicked off a far-reaching crackdown against benami assets directing the departments concerned at the federal level and the provincial governments to track benami properties, harvesting the Benami Act, 2019 in the national and global contexts. Prime Minister Imran Khan chaired a meeting on August 20 on… – Continue reading

Pass tax reform bills — Dominguez

The Department of Finance (DOF) has expressed the hope that President Duterte’s call in his State-of-the-Nation Address (SONA) for Congress to pass reforms in the corporate tax system along with the remaining packages of the administration’s comprehensive tax reform program (CTRP) will provide lawmakers a strong impetus to pass these… – Continue reading

OECD Finds Tax Automatic Exchange has Increased Transparency, Agrees on Digital Economy Taxation Roadmap

6 July 2019: In the lead up to the Group of 20 (G20) Finance Ministers and Central Bank Governors’ Meeting, the Organisation for Economic Co-operation and Development (OECD) released data that show that automatic exchange of information on financial accounts is improving tax compliance and delivering concrete results for governments… – Continue reading

M. Venkaiah Naidu calls upon all nations to join hands for automatic exchange of information on black money

The Vice President of India, M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror and economic frauds. “As we… – Continue reading

Dominica removed from EU tax haven blacklist

The European Union has removed the Caribbean island of Dominica from its list of uncooperative jurisdictions in tax matters. Dominica changed its tax rules to comply with EU requirements meant to reduce the risks of tax evasion, the EU said in a statement. Dominica implemented its commitments and addressed EU… – Continue reading

Automatic Exchange of Information is Working, Says OECD

New data from the OECD indicates that Hong Kong and Singapore are adhering to tighter global standards on tax transparency. The OECD (Organisation for Economic Cooperation and Development) says IFCs (international financial centres) such as Hong Kong and Singapore are adhering to tighter global standards on tax transparency and are… – Continue reading

RGN Reviews the State of Play for CRS and AEOI Rollout

Ivan Pelle, one of the Founders and Executive Director, expert in International Taxation at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed… – Continue reading

Oman to introduce Common Reporting Standards

Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading

Australia: OECD releases beneficial ownership implementation toolkit to facilitate transparency

In brief – Beneficial ownership toolkit aims to help governments implement legal and supervisory frameworks to identify and collect beneficial ownership information Beneficial ownership is a critical issue in many areas of law, in particular tax and anti-money laundering. National authorities often struggle to keep up with private ingenuity in… – Continue reading

Nigeria Signs Off On Common Reporting Standard With OECD

As we await official communication, information reaching us have it that Nigeria has signed off on the Common Reporting Standard (CRS) with the Organisation for Economic Co-operation and Development (OECD). As publicly stated on Wikipedia, ‘The Common Reporting Standard (CRS) is an information standard for the Automatic Exchange Of Information… – Continue reading

‘Consider PH credit standing in okaying tax reforms’

Lawmakers should consider the country’s latest credit rating standing in approving the remaining tax reform proposals of the government, Finance Secretary Carlos Dominguez 3rd said. “I hope that, with this credit rating upgrade recently, the Senate will really consider passing these bills that will redound to the benefit of the… – Continue reading

A perspective on tax amnesty

Tax amnesty is defines as “grant of an opportunity to a specific class of society to declare their undeclared assets by payment of a meagre amount of tax in addition to grant of immunity from default surcharge, penalties and prosecution”. It is introduced by the governments to fulfill the slogan… – Continue reading

Int’l group to finalize digital tax plan in 2020

Objective is to limit ability of multinational corporations to book taxes in countries with lowest tax rates BERLIN A global effort to revamp international tax rules for the digital economy will be completed by the end of 2020, said the secretary-general of the Organization for Economic Co-operation and Development (OECD)…. – Continue reading

Tax information exchange updates

The Cayman Islands Department for International Tax Cooperation has updated the relevant dates for reporting under the Foreign Account Tax Compliance Act and the Common Reporting Standard. The reporting deadline for CRS and FATCA remains May 31. The department announced that the late filing of 2018 CRS and FATCA reporting… – Continue reading

Mauritius: blue skies, sunshine – and these noteworthy changes to its domestic laws

Not just the ultimate holiday stop, Mauritius is also a preferred jurisdiction for fund managers looking to establish African-focused funds, say Michael Denenga and Nicole Paige, partners at Webber Wentzel. “A scenic island off the coast of Africa, Mauritius’ main competitive advantage is its proximity to the jurisdictions that African-focused… – Continue reading

FBR threatens to penalise RFIs

Federal Board of Revenue (FBR) will penalize Reporting Financial Institutions (RFIs), which would fail to submit Common Reporting Standard (CRS) reports pertaining to required information of financial accounts of non-resident persons and any other reportable person by May 31, 2019 to the FBR. According to an announcement of the FBR… – Continue reading

Indonesians who hide assets abroad face punishment

The Directorate General of Taxation will seriously investigate Indonesian assets that are not reported through the annual tax return form (SPT), and is preparing punishment for non-compliant taxpayers, Finance Minister Sri Mulyani Indrawati said over the weekend. She said the first step would be for the Directorate General of Taxation… – Continue reading

Macau | City sharing tax information with New Zealand

Macau and New Zealand have signed a tax-sharing information agreement, with the OECD stating that the city had exchanged tax information with 34 jurisdictions in 2018 Macau (MNA) – Macau has recently signed a tax-sharing information agreement with the government of New Zealand. According to a release from the Cabinet… – Continue reading

Italian authorities target Swiss banks in wake of UBS fine

Guardia di Finanza, a financial police authority in Italy, has sent letters demanding Swiss lenders to reveal the the names of bankers working in the country, Bloomberg has reported. The authority wants to know more about the business that these banks entertain in Italy, in particular which type of business,… – Continue reading

Foreign income declaration mandatory

KARACHI: The income tax law has made it mandatory for taxpayers to declare foreign income and assets in order to avoid penalty, Vishno Raja Qavi, former chief tax policy, Federal Board of Revenue (FBR), said on Thursday. He was highlighting the key points of Automatic Exchange of Information (AEOI) at… – Continue reading

Pakistanis’ assets abroad: Government requests 10 more countries for info exchange

ISLAMABAD: Pakistan has made formal requests to 10 more countries under the OECD mechanism as well as Switzerland separately for exchange of information about those Pakistanis who stashed their assets abroad to evade taxes. “We have made requests to 10 more countries for getting automatic exchange of information and so… – Continue reading

Banks may declassify expatriate client data

KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources. The Common Reporting Standard (CRS) is an… – Continue reading

FBR probes undeclared offshore assets of resident Pakistanis

KARACHI: The Federal Board of Revenue (FBR) has sought explanations from the resident Pakistanis regarding their undeclared foreign assets, sources said on Tuesday. These assets were identified under the Automatic Exchange of Information (AEoI), they added. Large Taxpayers Unit (LTU) Karachi summoned around 100 people from Sindh Region to appear… – Continue reading

FBR drags feet over action on untaxed offshore investment

KARACHI: The Federal Board of Revenue (FBR) is dragging its feet over actions against Pakistanis who couldn’t declare offshore investments to evade taxes despite that the tax authority has stumbled upon critical financial data under an international treaty, people familiar with the matter said on Tuesday. Insiders said the apex… – Continue reading

Caribbean Banks support passage of tax bill amendments

THE Caribbean Association of Banks (CAB) has joined the growing list of advocates for the expedited passage of urgent legislation to strengthen this country’s international tax compliance. “Non-compliance with Global Forum Standards and Financial Action Task Force (FATF) recommendations increases the sovereign risk profile of not only the jurisdiction (TT)… – Continue reading

Switzerland: The Brazil And Switzerland Double Tax Treaty: Why Is It So Significant?

Background The Brazilian and Swiss Governments signed a Double Tax Treaty (DTT) on 3 May 2018. Switzerland is one of the biggest investors in the Brazilian market and Brazil and Switzerland have already signed an Automatic Exchange of Information Agreement, which came into force on 1 January 2018. This new… – Continue reading

Bahamas Developers Blast Oecd’s ‘Cynical’ Targeting

Bahamas-based developers have blasted the OECD’s “cynical” attempt to “”de-legitimise” this nation’s key investment product by suggesting it threatens the global fight against tax evasion. The newly-formed Bahamas Developers Association (BDA), in a recent statement, argued that the Organisation for Economic Co-Operation and Development (OECD) was wrong to list this… – Continue reading

Pakistanis pose high risk to global financial system: IMC

KARACHI: A global investment migration association on Wednesday termed Pakistanis among high-risk nationalities who could exploit loopholes in the OECD’s common reporting standard (CRS) developed to curb offshore tax evasion and avoidance. “Of those nearly one million citizenships granted by the EU each year that are not related to CBI… – Continue reading

British Virgin Islands: BVI AEOI Update And Introduction Of Country-By-Country Reporting

As part of the British Virgin Islands’ (“BVI”) ongoing commitment to international tax transparency pursuant to the Common Reporting Standard (“CRS”), the BVI Mutual Legal Assistance (Tax Matters) Act, 2003 has been amended by the BVI Mutual Legal Assistance (Tax Matters) (Amendment) Act, 2018 (the “Amendment Act”). The Amendment Act… – Continue reading

Government targets 16.6% tax revenue growth in 2019

The government is targeting Rp 1.51 quadrillion (US$99.29 billion) in tax revenues for 2019, or 16.67 percent higher than this year’s target. Meanwhile, it has set a 12.11 percent tax-to-gross domestic product (GDP) ratio. “We have implemented tax amnesty. It was an initial step. We also have access to banking… – Continue reading

With a view to curb black money, India signs pact with Liechtenstein for account information swap

After Switzerland, Liechtenstein has also signed an agreement with India for Automatic Exchange of Financial Account Information, official sources here said. The agreement was signed in Vaduz on October 11. India sees Liechtenstein as an important partner in fighting overseas black money and is hoping the agreement will help it… – Continue reading

Among wider reforms, Bahamas pledges to enact beneficial ownership bill by year-end

The Bahamas has drafted new legislation to ensure the jurisdiction achieves the right balance of business, economic sustainability, and compliance with international standards. Uppermost among the Bahamas’ priorities include compliance with the OECD and EU criteria on tax governance which has led to the Bahamas implementing sweeping changes to the… – Continue reading

Buhari Signs Executive Order 8 on Offshore Money Laundering

President Muhammadu Buhari on Monday in Abuja signed executive order eight, tagged Voluntary Offshore Assets Regularization Scheme (VOARS) to make money laundering and tax evasion difficult. Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement last night, said Executive Order 008, which was… – Continue reading

Buhari Tightens Tax, Money Laundering Rules With New Executive Order

By the order, Nigerian taxpayers who hold offshore assets and incomes are expected to, within a period of 12 months, declare voluntary those assets and pay taxes on them. When they do this, they should expect to derive certain specified benefits. The administration of President Muhammadu Buhari has stepped up… – Continue reading

Tax havens refuse cooperation with Pakistan

Pakistan has been unable to get much cooperation from 11 countries known as tax havens around the world to share information on offshore wealth amid a global clampdown on tax evasion. Under the Organisation for Economic Cooperation and Development’s (OECD) new automatic exchange of information programme, effective since September 1,… – Continue reading

Bahamas Meets Tax Exchange Deadlines

The ministry of finance last night said The Bahamas had met the September 30 deadline to begin automatic tax information exchange (AEOI) with some 35 partner jurisdictions. Revealing that the first such exchange with another country had already occurred, the ministry said this further demonstrated The Bahamas’ commitment to meet… – Continue reading

Tax amnesty ends for undeclared EU assets

The automatic exchange of information between Switzerland and the European Union came into effect on Monday. Owning property abroad without declaring it will no longer be possible. The deadline of September 30 ended the possibility of coming forward voluntarily, reported Swiss public television, RTS, on Sunday. For latecomers who have… – Continue reading

FBR to take action against tax dodgers from next week

KARACHI: The Federal Board of Revenue (FBR) is all set to launch a major crackdown against individuals with concealed and untaxed offshore assets from next week as the revenue body bets on financial information shared under an international treaty, officials said on Friday. The officials said the FBR finalised the… – Continue reading

Advocacy Group Says EU’s Tax Haven Blacklist Is Failing

Tax havens are typically assumed to be islands in warm climates offering low tax rates for organizations looking for a lucrative loophole. But these “havens” are also sought after for opaque financial laws that can allow organizations to get away with illegal activity, like money laundering. Now, a new report… – Continue reading