exchange agreements tagged posts

US Agrees on New Info Sharing Rules

July 27, 2012 International Tax Cooperation

Tax Information ExchangeWASHINGTON D.C. – America has reached agreements with five European countries regarding new international reporting rules which will comply with the USA’s Foreign Tax Compliance Act.

On July 26th a joint statement was released by the USA, the UK, France, Germany, Italy and Spain, announcing that the group of countries had unanimously agreed to implement new reporting rules which will facilitate the automatic exchange of information on taxpayers with bank accounts in any of the participating countries.

The new rules are set out in a model tax agreement which can be signed by any country which already has a tax information exchange agreement with the USA...

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US Reaches Info Sharing Agreement with Switzerland, Japan

June 22, 2012 International Tax CooperationTaxation in JapanTaxation in SwitzerlandTaxation in USA

Department of Treasury Seals agreement with Japan and SwitzerlandWASHINGTON D.C. – The US has made agreements with Switzerland and Japan over the implementation of new reporting rules, which will see local banks provide the US with much greater amounts of data on US taxpayers.

On June 21st the US Department of the Treasury released two statements announcing that the Department has reached tentative agreements with corresponding authorities in Switzerland and Japan over the potential implementation of the US Foreign Account Tax Compliance Act (FATCA), which could strengthen efforts to combat international tax evasion by providing the IRS with more information regarding US taxpayers who hold accounts in Japan and Switzerland.

The agreements with Japan and Switzerland are expected to be finalized by August 2011, after which they will still need to be sign...

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USA Tightens Reporting Rules

April 19, 2012 International Tax CooperationTaxation in USA

Treasury Department Tighten Rules for banksWASHINGTON D.C. – New rules have been approved for financial institutions in the USA, requiring the disclosure of information by banks on accounts held by foreign individuals.

On April 18th the IRS adopted new regulations, which requires banks and other financial institutions to collect and report information to the IRS and the US Treasury Department on any interest earned in US deposit accounts which are held by non-residents.

Under the new rules, the IRS would be able to provide the collected data to tax authorities in other countries. Financial institutions will only be required to collect data on the account holder if they are a resident of a country with which the USA has a bilateral agreement for the exchange of tax information.

According to the IRS, the data reported as a result of...

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Nigeria Needs Effective New Tax Treaties

March 20, 2012 International Tax CooperationTaxation in Nigeria

Minister of Finance of Nigeria Ngozi Okonjo-Iweala ABUJA – Nigeria needs to improve its use of double taxation agreements, and the government needs to concentrate on ensuring that all future tax agreements are effective and beneficial to the country.

While delivering a speech on March 19th at a workshop on tax treaties in Abuja, the Minister of Finance of Nigeria Ngozi Okonja-Iweala said that the country must continue its ongoing efforts to “… reform our tax system for Nigeria’s competitiveness in the global economy,” and explained that an effective network of international tax treaties was a key element to the reforms.

According to the Minister, the government of Nigeria has initiated a thorough review of the implementation and use of double taxation agreements and tax information exchange agreements.

She said that fostering a wi...

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Global Fight on Tax Havens Progressing Well

March 15, 2012 International Tax Cooperation

Fight on Tax Evasion Progressing WellPARIS – Since 2009 significant work has been carried out to fight tax evasion and the illicit use of companies registered in tax haven jurisdictions, leading to the recovery of billions in tax revenues, the disclosure of over USD 100 billion of previously hidden assets, and the signing of numerous multilateral and bilateral information exchange agreements.

Earlier this week the Director of the OECD Centre for Tax Policy and Administration Pascal Saint-Amans responded to a previously released publication which questioned the effectiveness of international efforts to fight tax evasion though the use of companies registered in “tax haven” jurisdictions.

According to Pascal Saint-Amans, many of the information exchange agreements signed in the last three years are only now coming into forc...

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