exchange agreements tagged posts

UK to Net Billions from Offshore Tax Investigations

November 15, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in UK

IMG_9101The UK Government is now expecting to make a GBP 10 billion windfall over the next five years from a series of new tax information exchange agreements, greatly exceeding the previous estimate of GBP 1 billion.

Three countries have recently approached the UK Government with the intention of initiating negotiations for new tax information exchange agreements. In a media statement the HM Treasury explained the significance of the potential agreements, saying, “These agreements, by allowing us to get information from tax havens, means British tax authorities are gaining complete access to details of bank accounts...

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Australia Seeking Offshore Income Disclosures

June 2, 2010 International Tax CooperationOffshore BankingOffshore TaxationTax HavensTaxation in Australia

Sydney HarborThe Australian Government is reminding tax payers of its current offshore income declaration initiative, which offers greatly reduced penalties in exchange for voluntary sharing of information.

On June 1st the Government of Australia issued a media release urging tax payers with undeclared offshore incomes to utilize the current Voluntary Disclosure Initiative. Michael D’Ascenzo, Tax Commissioner of Australia, stated that the program will end on June 30th and concessional penalty arrangements will no longer be offered upon the initiative’s completion. No indication was given as to the possibility of another program in the near future.

According to the Australian Tax Office (ATO), under the conditions of the program, an individual disclosing additional undeclared incomes exceeding AUD 20...

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Hong Kong Signs Multitude of Tax Agreements

March 23, 2010 International Tax CooperationTaxation in AustriaTaxation in FranceTaxation in Hong KongTaxation in NetherlandsTaxation in Switzerland

Hong Kong night sceneryHong Kong is heralding a new era of taxation transparency and cooperation, having signed three bilateral tax agreements and provided definite indications that it intends to amass the 12 required to be warranted a place on the Organization for Economic Development and Cooperation’s (OECD) list of nations adequately implementing international tax standards.

The Hong Kong Government began the week with the signing of three separate Comprehensive Agreements for the Avoidance of Double Taxation (CDTA) with the Netherlands, Brunei and Indonesia...

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International Tax Transparency Reviews Start

March 19, 2010 International Tax CooperationTaxation in AustraliaTaxation in CanadaTaxation in Cayman IslandsTaxation in EUTaxation in GermanyTaxation in IndiaTaxation in IrelandTaxation in MonacoTaxation in Norway

Globalforum 2009The international fight against cross-border tax evasion has taken a step forward with the initiation of a peer review group which aims to assess the progress made by nations in implementing internationally agreed standards of tax transparency.

On March 18th the Organization for Economic Cooperation and Development (OECD) announced the initiation of the first step in the most extensive and through international tax transparency assesment process that has ever been undertaken. Eighteen nations from the 91 participating members of the Global Forum on Transparency and Exchange of Information will soon undergo extensive analysis to determine the adequacy of their efforts to implement internationally agreed upon taxation standards, such as the effectiveness of the bilateral Tax Information Exch...

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