TaxCorporate TaxOECD releases three automatic information exchange reports

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

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.

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

4m Alia Shoaib, Reporter
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

5m Alia Shoaib, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

5m Clear Books | Sponsored
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

5m Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

5m Emma Smith, Managing Editor
Global tax avoidance convention set to be signed by over 60 jurisdictions

Corporate Tax Global tax avoidance convention set to be signed by over 60 jurisdictions

9m Emma Smith, Managing Editor
Autumn Statement: Investment and tax avoidance highlighted in Hammond's speech

Corporate Tax Autumn Statement: Investment and tax avoidance highlighted in Hammond's speech

1y Kevin Reed, Writer
Colin: Tell them about the money, mummy

Business Regulation Colin: Tell them about the money, mummy

1y Taking Stock