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.
The latest opinions from Accountancy Age on Making Tax Digital, and outline plans to evolve the UK's corporate governance regime
Five million taxpayers are ow using digital personal tax accounts (PTA) as part of the making tax digital strategy, HMRC said
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,