exchange agreements tagged posts

Grenada Commits to Tax Transparency

February 14, 2012 Taxation in Grenada

Grenada Commits to Transparency and More Information SharingSAINT GEORGE’S – Grenada will strive to uphold the highest standards of tax transparency and an effective system for the international exchange of tax information, committing to meet the standards of international best practices and to further improve its national finance regulations.

According to a statement issued by the government of Grenada on February 13th , this Caribbean national is resolved to maintain the fight against money laundering and uphold international standards for information sharing, placing new restrictions on licensing of financial institutions and setting to maintain several information sharing goals.

The government of Grenada will ensure that it provides adequate information regarding taxpayers at the request of its international partners, where it is deemed that t...

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Financial Secrecy Still Reigns Strong

October 4, 2011 International Tax Cooperation

Financial SecrecyLONDON – Financial secrecy across the world is not seeing any noticeable declines, and Switzerland is currently leading the pack as the least transparent country in the world.

According to a new study published on October 4th banking secrecy remains to be an internationally prolific and present issue. The study, which was published by the nonpartisan Tax Justice Network, contained a newly compiled global Financial Secrecy Index which ranks countries around the world based on the severity of their current financial secrecy rules and the prominence of the jurisdictions as financial centers.

According to the report, Switzerland is currently the most prominent secrecy jurisdiction in the world, and its current set of signed information sharing agreements do not increase financial transparenc...

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Global Forum Reviews Tax Transparency of Nine Countries

June 2, 2011 International Tax CooperationTaxation in FranceTaxation in HungaryTaxation in Isle of ManTaxation in ItalyTaxation in PhilippinesTaxation in SingaporeTaxation in SwitzerlandTaxation in USA

Global Forum Reviews Tax Transparency of Nine CountriesThe Global Forum on Transparency and Exchange of Information for Tax Purposes has released several new reports on the results of recently conducted reviews of the implementation of international tax information exchange standards.

The mechanism of implementation and legal frameworks for international tax transparency and information exchange in nine different countries have been reviewed by the Global Forum on Transparency and Exchange of Information for Tax Purposes, with the results being released on May 1st.

The newly published reports outlined the results of assessments of the legal frameworks for the transparency and the exchange of tax information in Hungary, the Philippines, Singapore, and Switzerland...

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Switzerland Loosening Tax Info Exchange Rules

February 16, 2011 International Tax CooperationOffshore BankingTaxation in Switzerland

Square FlagSwitzerland is taking steps to ease the process for overseas governments to request details and information on foreign taxpayers with Swiss bank accounts.

On February 15th the Federal Department of Finance of Switzerland issued an online statement regarding a change in the rules surrounding the granting of assistance to overseas governments in the process of tax evasion investigations. According to the new regulations, Swiss tax authorities will relax the conditions under which they share information regarding foreign taxpayers holding Swiss bank accounts. This move is expected to greatly boost overseas governments’ ability to pursue tax cheats with financial affairs in Switzerland.

Under current rules, Swiss tax authorities would only provide bank details to overseas governments if the...

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US to Distribute Info On Foreign Accounts

January 18, 2011 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in EUTaxation in USA

Please Insert CoinAs countless international investors and individuals strive to establish a non-resident bank account in the USA, the Internal Revenue Service and the US Government are proposing a series of legislative changes which could make the US based deposits significantly less appealing.

On January 7th the Internal Revenue Service (IRS) published a new set of proposed rules regarding the treatment of bank accounts in the US held by non-residents. Under the potential changes, all US-based commercial and private banks, credit unions, brokerage institutions, and other financial service providers, must inform the IRS of the identity and details of non-residents holding an account which receive over USD 10.0 in interest throughout the year.

The new proposal could be seen as an effort by the US to show...

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