Category: Automatic Exchange of Information

Inland Revenue Ordinance to be amended to facilitate international tax co-operation

Hong Kong (HKSAR) – The Inland Revenue (Amendment) (No. 5) Bill 2017 (Amendment Bill) was gazetted today (October 6). The Amendment Bill seeks to pave the way for Hong Kong’s participation in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, and to align the Inland Revenue Ordinance (IRO)...

Greenland joins Global Forum on Transparency and Exchange of Information for Tax Purposes

On 29 August 2017, Greenland officially joined the Global Forum on Transparency and Exchange of Information for Tax Purposes. Greenland thereby declared its commitment to implement both the international standard of exchange of information on request and the standard on automatic exchange of financial account information. On 8 February 2017...

The common reporting standard – your foreign bank account could be coming to Nigeria

If you live in Nigeria and you have a foreign bank account; you should read this.If things go as planned, the FIRS will soon have access to information on the money and other financial investments that you have in your foreign bank account. This will happen when the Common Reporting...

New Swiss tax data exchange deals raise red flags

The automatic exchange of tax information (AIE) between countries is generally seen as an effective way of cracking down on tax cheats. But what if a country uses the data to politically oppress its citizens? It’s a burning issue facing Swiss lawmakers. This week, Swiss parliament will begin a debate...

The OECD is focused on maintaining the integrity of the CRS

As of August 2017, 102 international Jurisdictions are committed to the implementation timelines of the Common Reporting Standard (CRS). There are 49 Jurisdictions that are committed to the first exchange during 2017 and 53 Jurisdictions for 2018. The OECD is taking extra precautions to ensure that reportable financial information regarding...

SVP Demands Slowdown on AEOI

Opposition to the widening of the automatic exchange of information (AEOI) is growing stronger, and now the populist Swiss Peoples Party (SVP) has called for a slowing of the process. In the consultative process several bodies, including the Union of Swiss Private Banks (Vereinigung Schweizerischer Privatbanken) have criticised the rapid...

Black money: Switzerland finds India’s data security laws ‘adequate’ for auto-sharing banking info

The notification follows hectic parleys between India and Switzerland for introduction of AEOI (Automatic Exchange of Information) under guidance of G20, OECD (Organisation for Economic Cooperation and Development) and other global organisations. Switzerland found India’s data security and confidentiality laws “adequate” for entering into an automatic exchange of information pact,...

SA taxpayers with offshore cash, assets given deadline to disclose info

The Common Reporting Standard (CRS) allows for the automatic exchange of information between tax authorities. Local taxpayers who may have stashed their assets in cash and property offshore have a month to disclose their earnings and ownership details to the South African Revenue Services (Sars). The deadline for the Special...

European Commission warns Bulgaria to get into line on tax rulings, anti-trust damages actions rules

Bulgaria is among European Union countries that the European Commission has sent a reasoned opinion because of its failure to communicate the transposition of new measures on the automatic exchange of tax rulings between EU tax authorities. The step was announced by the European Commission on July 13, among its...

Malta’s corporate tax system is unfair – PANA Committee Chairman Werner Langen

PANA Committee Chairman Werner Langen has argued that Malta’s corporate tax system is unfair, while addressing the PANA committee this evening. He was addressing the PANA Committee earlier today, during the discussion regarding the draft recommendations on the PANA Committee findings. A PANA Committee MEP had mentioned that the criteria...

FIRS To Join Automatic Exchange Of Information To Reduce Tax Evasion

The Executive Chairman of the Federal Inland Revenue Service (FIRS), Mr Babatunde Fowler said the organisation plans to join the global forum on Automatic Exchange of Information (AEOI) to reduce tax evasion. Fowler disclosed this on Sunday in Lagos on the sideline of the just concluded workshop on Automatic Exchange...

14 Territories Praised By OECD For Tax Transparency Advances

A number of territories that had failed to demonstrate they have complied with international tax transparency standards have had their ratings upgraded by the OECD, following “fast-track” peer reviews. It said that the territories’ frameworks were reevaluated to assess whether recent progress would result in an upgrade to their ratings...

Greece Adopts EU Information Exchange Law

The Greek parliament has adopted a new law transposing an amendment to the European Union administrative cooperation directive to provide for the exchange of advanced tax rulings between member states. The new law, passed by parliament earlier this month, adopts EU Directive 2015/2376/EU of December 8, 2015, which amends Directive...

OECD Lists One Tax Haven, Tax Justice Network Says ‘Nonsense!’

The OECD’s body for assessing compliance with international tax transparency standards plans to tell an upcoming summit in Hamburg, Germany, that Trinidad and Tobago is the world’s only tax haven. Group of 20 country leaders meeting last year in China asked that body, the Global Forum on Transparency and Exchange...

Vizor Software’s Solution for FATCA & AEOI Selected by the Government of Bermuda, Ministry of Finance Treaty Unit

Global leader in cross-border information exchange for Tax Authorities has been selected by the Government of Bermuda, Ministry of Finance, Treaty Unit to meet Common Reporting Standards. Today, Vizor Ltd. announced the Government of Bermuda, Ministry of Finance, Treaty Unit has selected the Vizor for FATCA & AEOI Solution for...

Pakistan yet to include UAE, Panama for exchanging financial data

KARACHI: Federal Board of Revenue (FBR) on Friday issued a list of at least 88 countries, including tax haven Switzerland to automatically swap financial information of their citizens — but does not mention United Arab Emirates and Panama, the tax avoidance hubs for wealthy Pakistanis. The country will exchange financial...

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...