exchange agreements tagged posts

Tax Transparency Improving Globally

April 28, 2014 International Tax Cooperation

PARIS – Tax transparency is improving around the world, with an increasing number of countries implementing and upholding new legal frameworks to facilitate the exchange of tax information.

Late last week the Organization for Economic Cooperation and Development issued a new statement with the results of 12 new reviews on the progress made by non-OECD countries towards implementing rules to promote tax transparency, showing that the “…international community continues making progress on tax transparency.”

According to the results of the OECD’s latest round of peer reviews, the “… legal and regulatory framework for transparency and exchange of information” in Columbia, Latvia and Saudi Arabia can now be deemed as adequate, and each of the countries now qualifies to undergo the next s...

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Automatic Data Exchange Comes Closer

September 9, 2013 International Tax Cooperation

taxationST.PETERSBURG – The automatic exchange of tax information is set to become reality worldwide, as G20 countries prepare to ramp up their fight against the global problem of tax evasion.

Following the conclusion of the meeting of the leaders of G20 countries on September 6th in St. Petersburg the G20 Leaders’ Declaration was released, detailing the results of the discussions held, and outlining the measures which the G20 will take to fight tax evasion in the future.

The leaders re-assured the international society that the issue of tax evasion needs to be tackled globally in order to ensure that taxes are collected “…where economic activities deriving the profits are performed and where value is created”.

As the key part of the anti-evasion efforts, the leaders agreed that new automatic inf...

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Mixed Progress Made on Info Sharing

August 1, 2013 International Tax Cooperation

Taxes are done!PARIS – Recent reviews of information sharing protocols around the world have shown vast differences in the success of countries at gathering, holding and sharing data on their taxpayers and registered entities.

On July 31st the Organization for Economic Cooperation and Development (OECD) released a new report on the results and findings of peer reviews into the “…commitment to the international standard for tax information exchange“ of Austria, Bermuda, Brazil, British Virgin Islands, India, Israel, Lithuania, Luxembourg , Malta, Monaco, Qatar, San Marino and The Bahamas.

According to the information in the report, over the last two years Austria has agreed to participate in more information exchange treaties, but it was noted that 52 of the 92 agreements signed by the government are...

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Italy and Vatican Sign Tax Agreement

July 30, 2013 Taxation in ItalyTaxation in Vatican

VaticanVATICAN – Italy and the Vatican have laid the groundwork for future cooperation in the fight against financial crimes.

In a communique on July 29th the Press Office of the Holy See revealed that the financial intelligence units of the Vatican and Italy have signed a Memorandum of Understanding regarding the sharing of information to aid the fight against tax evasion and money laundering occurring in both countries.

Explaining the significance and impact of the newly signed memorandum, the director of the Vatican’s financial intelligence unit Rene’ Bruelhart said that the Vatican is committed to stamping out the occurrence of tax evasion, and “…Italy is an especially important partner for us“ in reaching this goal.

The signing comes at the same time as both countries are taking ext...

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FATCA Delayed by Six Months

July 15, 2013 International Tax CooperationTaxation in USA

U.S. Department of the TreasuryWASHINGTON D.C. – Banks and financial institutions around the world have been given a welcome reprieve, as the USA delays enacting new withholding on international payments.

In a statement issued at the end of last week the US Department of the Treasury announced that financial institutions based outside of the USA have been given six more months to complete all the procedures necessary to comply with the US Foreign Account Tax Compliance Act (FATCA).

The FATCA system is intended to stamp out the occurrence of tax evasion and the hiding of incomes by US taxpayers, requiring all foreign financial institutions to disclose information about their US clients, or collect a 30 percent withholding on any transactions passing through in the interest of an American taxpayer or in connection to any ...

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