Leaders of the European Union (EU) member states on Thursday reached an agreement on strengthening EU rules on taxation of savings income. “This is indispensable for enabling the member states to better clamp down on tax fraud and tax evasion,” said European Council President Herman Van Rompuy in his statement… – Continue reading
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. The British Virgin Islands, Liechtenstein and Jersey are among 44 countries that have set… – Continue reading
The British Virgin Islands Government has today announced the conclusion of negotiations with the United States on a Model 1 Intergovernmental Agreement (IGA) under the US Foreign Account Tax Compliance Act (FATCA). In a statement the Ministry of Finance of the BVI Government said the final text of the agreement has been… – Continue reading
Financial institutions in Bermuda, such as banks and trust companies, will soon be obliged to provide information to foreign tax authorities relating to the financial affairs of United States (US) and United Kingdom (UK) resident clients. The Foreign Account Tax Compliance Act 2009 (US FATCA) is a US law designed… – Continue reading
Austrian Finance Minister Michael Spindelegger said a deal on extending a European Union savings tax is in Luxembourg’s hands. Austria “can agree to this tomorrow — it’s not up to us if there isn’t agreement,” Spindelegger told reporters before a two-day meeting with his European Union counterparts in Brussels today…. – Continue reading
There has been considerable publicity in recent months on the alleged tax avoidance perpetrated by multinationals that has resulted in the Organisation of Economic Cooperation and Development (OECD) publishing its action plan on base erosion and profit shifting (BEPS). The action plan, consisting of 15 proposals to counter the perceived… – Continue reading
European Union finance ministers failed once again Tuesday to agree on a sweeping new policy to fight tax evasion because of resistance from Luxembourg, a tiny country that long has prospered from a secretive banking culture. EU Taxation Commissioner Algirdas Semeta said their failure was disappointing because, if approved, the… – Continue reading
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
The inevitable march towards automatic exchange of information (AEI) as the Organization for Economic and Cooperation’s (OECD) global standard was just one of the issues discussed at a recent international tax conference held in Liechtenstein. During his address, Head of the OECD International Cooperation and Tax Administration Division, Achim Pross,… – Continue reading
New Delhi: With India stepping up its pursuit of alleged black money in Swiss banks, Switzerland says it is exchanging information with Indian authorities on all lawful requests, but cannot help on enquiries based on stolen banking data. The European country, which has often been accused of being the most… – Continue reading
Switzerland may no longer be a honeymoon spot for tax evaders. A new international standard of tax data sharing is set to make things harder for tax haven networks around the world that have in the past included Switzerland and tiny island nations and enclaves. But India would have to… – Continue reading
Canada has aligned with the thinking of other countries around the world in battling against international tax avoidance. As the treaties that Canada has with other countries come up for renewal, exchange of information agreements are being added to updated treaties while exchange of information document agreements are being drawn… – Continue reading
NEW DELHI: India and the United States have decided to enhance cooperation for automatic exchange of information on tax evasion and detection of financial crimes, shoring up efforts to crackdown on blackmoney cases involving economic channels of the two countries. A team of the US Treasury officials recently met Indian Income… – Continue reading
World is getting smaller; Hidden cash far away will soon be more transparent and seemingly nearer. On February 13 the OECD unveiled a Common Reporting and Due Diligence Standards for the automatic exchange of tax information between tax authorities worldwide, which was endorsed by the G20 in its communique… – Continue reading
(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
