Category: Automatic Exchange of Information

Singapore signs two international agreements to facilitate sharing tax info across borders

SINGAPORE – Singapore has signed two international agreements which will make it easier for the country to automatically exchange tax information with other jurisdictions. The agreements are part of ongoing global efforts to combat tax evasion and money laundering as well as improve tax transparency. Called multilateral competent authority agreements...

Switzerland ratifies agreement to facilitate black money account info sharing with India, 40 others from 2019

BERNNEW DELHI: Switzerland today ratified automatic exchange of financial account information with India and 40 other jurisdictions to facilitate immediate sharing of details about suspected black money, even as it sought strict adherence to confidentiality and data security. Adopting the dispatch on introduction of the AEOI, a global convention for...

New reporting obligations for multinational enterprise groups

The Government Emergency Ordinance no. 42/2017 amending Law no. 207/2015 regarding the Fiscal Procedure Code (“GEO 42/2017“), entered into force on 13 June 2017, transposes within the Romanian legislation the EU Directive 2016/881 which provides the mandatory automatic exchange of information from reports that multinational enterprise groups (“MNE Groups“) must...

Panama and Mexico sign Competent Authorities Automatic Exchange of Tax Information Agreement

The Competent Authorities Agreement is part of Panama’s continued commitment to upholding international transparency standards PANAMA CITY, June 9, 2017 /PRNewswire/ — Panama and Mexico signed today a Competent Authorities Exchange of Tax Information Agreement, in accordance with Panama’s commitment to the Common Reporting Standard (CRS) of the Organization for...

Provider: Automatic Tax Share Breaches Constitutional Rights

A veteran financial services provider yesterday warned that automatic tax information exchange could breach fundamental rights protected by the Bahamian constitution, while threatening to make this nation a “European satellite”. #Anthony Howorth, president of Euro-Caribbean Management Services, questioned whether the Government and financial services industry had “really thought through” the...

BVI AEOI Update – CRS Deadlines and BVIFARS Opening

Common Reporting Standard The Government of the British Virgin Islands (“BVI“) has recently announced an extension to the deadlines for the notification and reporting obligations under the Common Reporting Standard (“CRS“). Under the extended deadlines for CRS, all BVI Reporting Financial Institutions now have until 30 June 2017 to enrol...

Early Adopters Successfully Report under the Common Reporting Standards (CRS) with BearingPoint’s FiTAX

The tax reporting solution FiTAX enables financial institutions worldwide to comply with OECD and local requirements on tax-reporting Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that the first institutions in early adopter countries successfully submitted their initial reporting...

Tax administrations prepare for automatic exchange of CbC reports – are you ready? Three takeaways

OECD announced that another important step has been taken to implement country-by-country (CbC) reporting requirements, as signatories to the Multilateral Competent Authority Agreement on the Exchange of CbC Reports (the CbC MCAA) activated their automatic exchange relationships. The OECD also signalled that additional jurisdictions will nominate partners with which they...

Revenue Publication of User Guides on Automatic Exchange of Information Reporting Requirements

The Revenue Commissioners have today, 16 May 2017, issued detailed user guides on automatic exchange of information reporting requirements for Irish financial institutions covering both FATCA and CRS/DAC2 reporting obligations. The new guidelines set out in detail the process for filing FATCA and CRS/DAC2 returns, including the new functionality for...

Row Ignites After Germany Slams ‘Tax Haven’ Malta

Norbert Walter-Borjans has been busy turning himself into the public scourge of German tax cheats and foreign tax havens. Having already riled Switzerland by buying CDs with stolen bank account data – and then accusing the Alpine state of spying on his tax offices – North Rhine-Westphalia’s finance minister criticized...

‘Ball In Bahamas Court’ Over Tax Exchange Pledges

“The ball is in the Bahamas’ court” to meet its automatic tax information exchange commitments, a senior industry executive yesterday saying there is “no alarm” about this nation having to alter its approach. #Tanya McCartney, the Bahamas Financial Services Board’s (BFSB) chief executive, told Tribune Business that the private sector...

UK Legislates For Broader Automatic Tax Information Exchange

HM Revenue and Customs has updated the International Tax Compliance Regulations to include provisions on new automatic tax information exchange agreements and to clarify how non-compliance penalties will apply. The amendment clarifies due diligence and reporting requirements for financial institutions, to ensure the UK complies with international tax reporting standards,...

Russia introduces draft law on country-by-country reporting requirements: implications for multinationals

A newly published federal draft law introduces Russia to a three-tiered approach to transfer pricing documentation and brings Russian regulations in this area in line with the OECD minimum standards under Action 13 of the Base Erosion and Profit Shifting (BEPS) Action Plan. The draft law, published by the Ministry...

Early adoption of tax common reporting standard problematic

Many of the data submissions made by early adopters over the next two months under the new common reporting standard (CRS) are likely to be rejected and returned for correction and resubmission, adding to compliance costs, according to predictions from Sovos, a global tax compliance solution provider The UK is...

Bahamas Under Rising Tax Exchange Pressure

The Bahamas is under growing pressure to bow to international demands that it automatically exchange tax information on a ‘multilateral’ basis, with the European Union (EU) and its members refusing to accept this nation’s preferred approach. #Well-placed Tribune Business sources, both inside the Bahamas and internationally, have confirmed that the...

Draft Bulgarian tax law reflects EU legislation on mandatory automatic exchange of tax information

At the end of March 2017, the Ministry of Finance called for public discussion on a draft bill (the “Bill”) amending the Bulgarian Tax and Social Insurance Procedural Code (the “Code”). The Bill seeks to improve administrative cooperation in the Bulgarian tax sector. The first set of amendments relates to...

Tax amnesty plan faces hurdles – Credit Suisse

MANILA, Philippines – Investment bank Credit Suisse said an effective tax amnesty program would face hurdles in the Philippines due to the country’s strict banking secrecy law. In its Asian daily report titled “Philippines: Credible threat still lacking,” Credit Suisse economist Michael Wan said the planned program announced by Finance...

SIX Financial Information launches tax compliance data service for Common Reporting Standard

SIX Financial Information announced that has launched a new Common Reporting Standard (CRS)/ Automatic Exchange of Information (AEoI) data service, enabling financial institutions to meet the requirements which are being phased in from June 2017. The SIX CRS/AEoI service identifies CRS-reportable client income by flagging relevant corporate actions, simplifying resource-intensive...

OECD’s BEPS 13 implemented in Croatia

With a total of 15 action points, the OECD’s Base Erosion and Profit Shifting (BEPS) project aims at fighting the artificial shift of profits from jurisdictions with high taxes to tax havens, often as a part of an entirely legal strategy used by MNEs. The BEPS Action 13 (Transfer Pricing...

Hong Kong Signs AEOI Pacts With Portugal And South Africa

Hong Kong has signed agreements with Portugal and South Africa to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include a total of 11 countries. The other reportable jurisdictions for Hong Kong are Belgium, Canada, Guernsey, Italy, Japan,...

Hong Kong signs agreements with Portugal and South Africa on automatic exchange of financial account information in tax matters

Hong Kong has signed agreements with Portugal and South Africa for conducting automatic exchange of financial account information in tax matters (AEOI), a Government spokesman said today (April 3). “We have been seeking to expand Hong Kong’s AEOI network with our tax treaty partners. The signing of agreements with Portugal...

1099 Pro Offers Common Reporting Standard Software for CRS Reporting

1099 Pro now offers Common Reporting Standard software for CRS reporting as part of the OECD’s Automatic Exchange of Information for Tax Matters (AEoI) program. 1099 Pro, Inc., https://www.1099pro.com, known for over 25 years of Windows based product development for 1042-S, 1099, & FATCA reporting recently confirmed the upcoming release...

New Zealand Seeks Input On Automatic Tax Information Exchange

New Zealand has asked taxpayers for input on countries that lack the safeguards to ensure information automatically exchanged under the Common Reporting Standard (CRS) remains confidential. To comply with the new international tax information exchange standard developed by the OECD, the CRS, New Zealand must publish a list of jurisdictions...

Next off the block – AEOI

You might have thought you have enough on your plate getting to grips with anti-money laundering rules closely followed by FATCA – but it’s not over yet! Next off the block is the Automatic Exchange of Financial Account Information in Tax Matters (AEOI). The AEOI, which we first provided an...

Hong Kong Agrees Automatic Exchange Of Information With Six New Jurisdictions

Hong Kong has signed agreements with six jurisdictions to automatically exchange financial account information in tax matters. The agreements expand Hong Kong’s Automatic Exchange Of Information (AEOI) network to include Belgium, Canada, Guernsey, Italy, Mexico, and the Netherlands. These countries join Japan, Korea, and the UK as “reportable jurisdictions” for...

Bank transparency, data matching for tax purposes

The government’s plan to issue a regulation in lieu of law (Perppu) concerning banking transparency, which includes allowing the tax authority to access taxpayers’ bank data, has sparked hot public debate. The proponents argue that such an initiative is critical, outlining the fact that the government has to comply with...

Pakistan, Switzerland to sign agreement for bank account information exchange: Dar

Finance Minister Ishaq Dar on Wednesday told the National Assembly that Pakistan will sign an agreement with Switzerland on exchange of information regarding bank accounts on March 21. “The Swiss government offered to sign such an agreement with Pakistan in the third quarter of the current month that will enable...

Hong Kong Government Considers Expanding Its List of “Reportable Jurisdictions” for Automatic Exchange of Information

Under increasing international pressure, the Hong Kong government is considering expanding its Automatic Exchange of Information (AEOI) implementation by imposing broader information collection obligations, entering into more bilateral AEOI agreements at a faster pace, and possibly joining the multilateral AEOI agreement. Background Hong Kong legislated to adopt the OECD Common...

MPs approved exchange of information

The parliament transposed the EU regulation, whose aim is to secure comprehensive and effective administrative collaboration between tax administrations via mandatory automatic exchange of information. International corporations will be required to submit reports about their activities in every EU country in which they do business. This stems from the amendment...

Government introduces bill to establish ITA as a statutory body

New legislative proposals aim to establish the BVI International Tax Authority (ITA) as a fully fledged independent government institution in the British Virgin Islands with its own legal personality, giving it autonomy over the performance of its functions. The ITA was initially established within the Ministry of Finance to administer...

Is a register of beneficial ownership of companies coming?

As part of the global transparency push, the G20 has committed to implement rules requiring the disclosure of beneficial ownership of legal entities (in addition to automatic exchange of financial account information and the BEPS related transparency measures). On 13 February 2017, Treasury released a consultation paper dealing with part...

China to hold its citizen’s foreign account information

The State Administration of Taxation (SAT) is about to hold Chinese citizens’ foreign account information in 101 countries and regions, as the regulation on the localization of the Common Reporting Standard (CRS) in China was put into effect on January 1, the Xinhua News Agency reported on Sunday. Under the...

What AEOI means for banking customers in Hong Kong

With the arrival of the new year, don’t be surprised if your bank asks for information about yourself and your accounts that you didn’t have to provide before. These questions signal an important development as banks in Hong Kong and around the world prepare to share certain information with tax...

KPMG Issues Survey Report on OECD’s Common Reporting Standard

NEW YORK, Feb. 7, 2017 /PRNewswire/ — KPMG LLP, the U.S. audit, tax and advisory firm, has issued a new survey report on the international Common Reporting Standard (CRS), which reveals that financial institutions impacted by the regulations still have much work to do to meet with the initiative’s significant...

Mauritius joins global efforts to curb profit shifting by MNEs

In a significant step, Mauritius will soon start automatically sharing of tax information with India and other countries as part of global efforts to curb multinational companies from profit shifting activities. The development also comes months after the island nation, long perceived to be a jurisdiction for alleged illegal fund...

Invoke Launches a CRS/AEoI Reporting Solution to Add to its Tax and Regulatory Software Suite

A European leader in financial, tax and regulatory reporting for the banking and insurance sectors, Invoke is expanding its software range to meet CRS/AEoI cross-country tax reporting requirements. As part of the global fight against tax evasion, the G20 and OECD program for the exchange of tax payers’ financial information...

Hong Kong and Korea sign agreement on automatic exchange of financial account information in tax matters

Hong Kong (HKSAR) – Hong Kong has signed an agreement with Korea with a view to commencing the automatic exchange of financial account information in tax matters (AEOI) in 2019, a Government spokesman said today (January 24). “Since the signing of the first two agreements for AEOI with Japan and...