OECD releases three automatic information exchange reports
OECD releases guidance framework for automatic exchange of financial information as it continues crackdown on tax avoidance and evasion
OECD releases guidance framework for automatic exchange of financial information as it continues crackdown on tax avoidance and evasion
THE OECD has published three reports outlining the framework for the automatic exchange of financial information between governments as part of its efforts to curb tax avoidance and evasion.
In October last year, the organisation announced the agreement to automatically share tax information on individuals by the year 2018, to which 92 countries have signed up with 51 agreeing to put exchange systems in place by 2017.
The Common Reporting Standard Implementation Handbook provides practical guidance to assist government officials and financial institutions in the implementation of the standard, including advice on efficiency and alignment with the US’s FATCA – which requires financial institutions to review their customers’ tax residency or face a 30% penalty on their US operations.
The second publication, the Offshore Voluntary Disclosure Programmes contains practical experience from 47 countries in relation to their voluntary disclosure programmes. Guidance on the design and implementation of the programmes has been updated, taking into account the views of private client advisers.
The Model Protocol to the Tax Information Exchange Agreements covers the basis for jurisdictions wishing to extend the scope of their existing tax information exchange agreements to also cover the automatic and/or spontaneous exchange of tax information.
More about:
The numbers you crunch tell a story. Your expertis...
9yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleWith proposals for an Amazon tax on the table, how can the UK tax system catch up with the implications of the Fourth Industrial Revolution? Read More...
View articleGlobal corporations are under increasing scrutiny over how much corporation tax they pay. So who are the latest big names hitting the headlines over t...
View articleThe EU is deeply divided over how to increase the tax take from tech giants such as Google, Apple and Amazon, who have recently come under fire for be...
View articleTo avoid falling foul of HMRC's tax crackdown, small businesses now have to be much more vigilant when it comes to tax matters, and it's an ideal oppo...
View articleLaw firm warns that HMRC focus on entrepreneur’s relief could prompt increase in avoidance scheme usage Read More...
View articleDiverted profits tax revenue collected by HMRC in 2016-17 totalled £281m, leaping from £31m collected in the previous year, according to data released...
View articleThe convention is designed to implement a minimum standard to prevent against treaty abuse and strengthen mechanisms for dispute resolution Read More...
View articleBillions of pounds of infrastructure investment planned; but tax tinkering still looms following Philip Hammond's first Autumn Statement Read More...
View article