Since the April G20 summit, over 50 new TIEA agreements have been signed across the globe. The London G20 Summit, held on the 2nd of April this year, heralded an unprecedented wave of Tax Information Exchange Agreement (TIEA). In what was described as “revolutionary” by Angel Gurría, OECD Secretary-General, the number of completed TIEAs has almost doubled since their inception in late 2000. Since the G20 summit, and subsequent global push for greater tax transparency and compliance, the following 53 agreements have been ... Read More

Monaco and the US signed a bilateral Tax Information Exchange Agreement on the 8th of September. The Taxation Information Exchange Agreement (TIEA) between the city-state of Monaco and the US will allow each jurisdiction a greater set of capabilities in fighting cross border tax evasion. The agreement will allow either nation to request bank, tax and other information from the other jurisdiction on the grounds that there have already been reasonable attempts made to obtain it by other means. The agreement also extends ... Read More

During the OECD Global Forum on Transparency and Exchange of Information further steps were taken to combat tax evasion, and completed steps were hailed as a stunning success. The OECD Forum on Transparency and Exchange of Information, which took place in Mexico City on the 1st and 2nd of September, was aimed at discussing global progress regarding the implementation of international standards of transparency and exchange of tax information as set forward by the OECD created Model Tax Information Exchange Agreement (TIEA) and ... Read More

The Austrian government has voiced their opinion in favor of instating a Europe spanning transaction tax. Following a meeting of the Austrian Council of Ministers, the Austrian government has voiced its full support of creating a financial transaction tax system spanning the entirety of Europe. The idea was floated to the Austrian government in a paper written by Josef Pröll, Austrian Finance Minister. The aim of the financial transaction tax would be to rein in speculation on the financial markets and create a ... Read More

Budget deficits in the Cayman Islands are forcing the nation’s government to consider the introduction of taxes. The Cayman Islands, which are undergoing a severe governmental budget deficit, are being encouraged to introduce taxes to its system by the British Government. Facing a budget deficit of US$82, the island nation has sought out loans to meet its financial obligations, such as pension and government worker payments. As it is a British Overseas Territory, the Cayman Islands require British Government approval before ... Read More

Italy and Republic of San Marino will sign a tax accord by the end of September. The announcement of the new tax accord between smallest European country Republic of San Marino and Italy was made last week by Italian Economy Minister Giulio Tremonti. This accord is part of an economical program of the governments of Italy and San marino to fight tax avoidance by citizens of these countries. The third tax amnesty will begin in Italy in mid-September. At the same time the government ... Read More

French authorities are intensifying their search for tax evaders by brandishing a list of names, all suspected of using Swiss bank accounts for tax evasion purposes. On the 30th of August it was announced by Eric Woerth, the French Budget Minister, that the French Government had obtained the names and account details of 3,000 French nationals who are suspected of using Swiss bank accounts to evade their French tax liability. Statements made regarding the list indicate that its information was attained by three ... Read More