Category: Common Reporting Standard

Activity / Capital gains / Capital Gains Tax / Common Reporting Standard / Directors / HMRC / Regulatory / Shares

UK: Tax Bites – June 2021

Published by: Mondaq - June 9, 2021

Further extension to UK Common Reporting Standard compliance rules

Regulations have been made to extend the International Tax Compliance Regulations 2015 (SI 2015/878) (the Compliance Regulations). The Compliance Regulations, among other things, require UK financial institutions to report information regarding certain non-UK account holders to HMRC for exchange under international arrangements relating to the Common Reporting Standard (CRS). ... - Continue reading

Banking / Banking Secrecy / Common Reporting Standard / FATCA / Forms / Qatar / Regulatory

QIB continues to introduce new features on its award-winning mobile application

Published by: The Peninsula - August 17, 2020

Qatar Islamic Bank (QIB) has introduced new features to its award-winning Mobile App, in line with the bank’s ongoing efforts to provide customers with innovative digital options to fulfill all their banking needs remotely.Developed with customers’ daily banking requirements in mind, the QIB Mobile App now allows customers to benefit from new and simplified features, including the postponement of their Personal Finance Monthly Installment, opening the exclusive Certificates of Deposit for COVID-19 frontliners, filling and submitting the Common Reporting Standard (CRS), and completing Foreign Account Tax Compliance Act (FATCA) declarations. ... - Continue reading

Automatic Exchange of Information / Common Reporting Standard / Interest / Lease / OECD / Tax Evasion / Tax Fraud

OECD publishes model rules for tax reporting by gig economy platform operators

Published by: MNE Tax - July 8, 2020

On 3 July, the OECD released model rules for tax reporting by platform operators that assist sellers in the sharing and gig economy. Following international efforts to address the tax challenges in the digital economy, this OECD guidance represents an important step towards transparency through the exchange of information. ... - Continue reading

Banking Secrecy / Common Reporting Standard / Credit Suisse / Philippines / Tax Amnesty / Tax Laws / Tax Reform

Tax amnesty plan faces hurdles – Credit Suisse

Posted On: December 19, 2019

MANILA, Philippines – Investment bank Credit Suisse said an effective tax amnesty program would face hurdles in the Philippines due to the country’s strict banking secrecy law. In its Asian daily report titled “Philippines: Credible threat still lacking,” Credit Suisse economist Michael Wan said the planned program announced by Finance… – Continue reading

Central Board of Direct Taxes (CBDT) / Common Reporting Standard / Income Tax / India / OECD / Tax Laws

India launches Income Tax information portal

Posted On: November 23, 2019

The portal is a repository of policy and technical circulars and guidance issued by the Central Board of Direct Taxes. In an attempt to reach out to financial institutions and account holders, the Central Board of Direct Taxes has created an exchange of information portal on the income tax department… – Continue reading

Common Reporting Standard / Investments / OECD / Pakistan / Residence / Tax Authority / Tax Evasion / UAE

FBR asks UAE to share details of Pakistanis hiding behind Iqama status

Posted On: October 29, 2019

Chairman Federal Board of Revenue (FBR) Shabbar Zaidi on Monday wrote letter to UAE authorities and asked for devising mechanism to share details of Pakistanis who are hiding behind Iqama based residential status to evade taxes. In a letter written to Ministry of Finance UAE by the Chairman FBR Shabbar… – Continue reading

Common Reporting Standard / FATCA / France / General Data Protection Regulation (GDPR) / HMRC / IGA / Internal Revenue Service (IRS) / Tax Evasion / USA

Accidental Americans’ sue France over FATCA disclosure rules

Posted On: October 7, 2019

A group representing French-American taxpayers  has filed a complaint against France with the European Commission over its compliance with the US Foreign Account Tax Compliance Act (FATCA), in a bid to avoid being blacklisted by French banks starting in January. France is a signatory to an agreement to give the… – Continue reading

Citizenship / Common Reporting Standard / FATCA / Foreign Financial Institutions / Individuals / Interest / Privacy / Tax Evasion / Withholding Tax

Worldwide: Financial Institutions And Personal Data

Published by: Mondaq - October 7, 2019

Combating Tax EvasionIn recent years, there have been several high-profile prosecutions for the crime of tax evasion (for example the actor, Wesley Snipes, and the footballer, Lionel Messi). Governments around the world have been making a concerted effort in an attempt to tackle this problem. Their objective is for their respective tax administrations to work together so that taxpayers pay the correct amount of tax in the correct jurisdiction. ... - Continue reading

Common Reporting Standard / Exemptions / Income Tax / Multilateral Competent Authority Agreement / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Nigeria / Revenue

Nigeria: The FIRS Has Published Regulations On Common Reporting Standard

Published by: Mondaq - September 20, 2019

The Federal Inland Revenue Service (FIRS) has issued the Income Tax (Common Reporting Standard) Regulations, 2019 (CRS Regulations). This follows Nigeria's signing of the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (MAC) and the Multilateral Competent Authority Agreement (MCAA) on the Automatic Exchange of Financial Account Information, signed by Nigeria on 17 August 2017. ... - Continue reading

Citizenship / Common Reporting Standard / Dominica / Investments / OECD / PWC / Tax Transparency

CBI Dominica: Leading with Transparency

Posted On: August 19, 2019

19 August 2019, Since 1993, Dominica has been at the forefront of the citizenship by investment (CBI) industry, setting high standards in due diligence, processing times, and most recently, transparency. Indeed, this month the nation liaised with prominent international professional services firm PricewaterhouseCoopers (PwC) to release a report clarifying the… – Continue reading

Australia / Australian Taxation Office / Common Reporting Standard / Individuals / Jurisdiction / Offshore Accounts / Tax Evasion / Tax Haven

CRS reveals Australians holding $100bn in offshore accounts: reports

Published by: International Investment - August 15, 2019

Australians are holding more than $100bn in undisclosed offshore accounts, according to new taxation office data collected under the Common Reporting Standard (CRS), British newspaper the Guardian has reported. ... - Continue reading

Australia / British Virgin Islands / Common Reporting Standard / EU / Financial Institutions / Japan / Jurisdiction / OECD / Revenue / Taiwan / Tax Evasion

Taiwan to join anti-tax evasion program CRS

Posted On: July 12, 2019

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

Australia / British Virgin Islands / Common Reporting Standard / EU / Financial Institutions / Japan / Jurisdiction / OECD / Revenue / Taiwan / Tax Evasion / Tax Fraud / Tax Haven

Taiwan to join anti-tax evasion program CRS

Posted On: July 12, 2019

Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading

Anti money laundering / Beneficial Ownership / Common Reporting Standard / HMRC / Jurisdiction / Legislation / OECD / Property / Tax Transparency / Trust / United Kingdom

Tensions between the drive for transparency and the right to protection of privacy

Posted On: July 5, 2019

Update on the UK government’s proposal to improve transparency with a new register of persons with significant control of companies which hold UK property. In our last article (https://hubbis.com/article/transparency-enhanced-in-the-uk) we looked at the UK government’s proposal to improve transparency with a new register of persons with significant control of companies… – Continue reading

Automatic Exchange of Information / Citizenship / Common Reporting Standard / High Networth Individuals / Jurisdiction / Philippines / Residency / Tax Authority / Tax Planning

RGN Reviews the State of Play for CRS and AEOI Rollout

Posted On: June 12, 2019

Ivan Pelle, one of the Founders and Executive Director, expert in International Taxation at Recontam Global Network (RGN) is on a mission to make its clients and partners aware of the rollout of CRS and AEOI across Asia-Pacific and how this might affect tax planning and investment strategies. He addressed… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / Common Reporting Standard / EU / FATCA / Financial Institutions / Framework / Jurisdiction / Non Compliant / OECD / Offshore Tax Evasion / Oman / Residency / Tax Authority / Withholding Tax

Oman to introduce Common Reporting Standards

Posted On: June 12, 2019

Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading

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