Category: Multilateral Convention on Mutual Administrative Assistance in Tax Matters

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

Banking Secrecy / Double Taxation / Interest / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Tax Laws

Pakistan money in Swiss banks dwindling for last three years

Posted On: June 28, 2019

LONDON: Money kept by Pakistani nationals and enterprises in Swiss banks fell by 33 per cent to a record low of CHF380 million (Rs63 billion) in 2018, falling below the level of Indian funds for the first time in four years, Swiss National Bank’s (SNB) annual statistics report showed on… – Continue reading

Bulgaria / Double Tax Treaty / Double Taxation / EU / Hong Kong / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Offshore / Pakistan / Switzerland / Tax Evasion / Tax Laws

Pakistan, Bulgaria sign double taxation treaty

Posted On: May 22, 2019

ISLAMABAD: Pakistan and Bulgaria on Tuesday signed an agreement to get rid of double taxation and cooperate in preventing tax evasion as a state delegation from the European Union member country concluded its two days visit. The Federal Board of Revenue (FBR) Director General and Deputy Minister of Economy Bulgaria… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Financial Institutions / Income Tax / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Residence

FBR threatens to penalise RFIs

Posted On: April 17, 2019

Federal Board of Revenue (FBR) will penalize Reporting Financial Institutions (RFIs), which would fail to submit Common Reporting Standard (CRS) reports pertaining to required information of financial accounts of non-resident persons and any other reportable person by May 31, 2019 to the FBR. According to an announcement of the FBR… – Continue reading

Argentina / Beneficial Ownership / Corruption / Mexico / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Panama / Paraguay / Tax Evasion / Tax Transparency / Uruguay

Argentina, Panama, Paraguay and Uruguay to share tax information with each other

Posted On: December 12, 2018

The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading

Argentina / Beneficial Ownership / Corruption / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Panama / Paraguay / Tax Evasion / Tax Transparency / Uruguay

Argentina, Panama, Paraguay and Uruguay to share tax information with each other

Posted On: December 12, 2018

The governments of Argentina, Panama, Paraguay and Uruguay have joined forces to create a Latin American initiative to tackle tax evasion and corruption by making sharing and making better use of the information exchanged under international tax transparency standards. The countries have agreed to “consider the possibility” of making a… – Continue reading

Automatic Exchange of Information / Investments / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Pakistan / Tax Authority / Tax Evasion / United Kingdom

FBR drags feet over action on untaxed offshore investment

Posted On: December 5, 2018

KARACHI: The Federal Board of Revenue (FBR) is dragging its feet over actions against Pakistanis who couldn’t declare offshore investments to evade taxes despite that the tax authority has stumbled upon critical financial data under an international treaty, people familiar with the matter said on Tuesday. Insiders said the apex… – Continue reading

Automatic Exchange of Information / Caribbean / Compliant / FATF / Jurisdiction / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Tax Avoidance / Tax Evasion / Tax Haven / Tax Reform / Trinidad & Tobago

Caribbean Banks support passage of tax bill amendments

Posted On: November 27, 2018

THE Caribbean Association of Banks (CAB) has joined the growing list of advocates for the expedited passage of urgent legislation to strengthen this country’s international tax compliance. “Non-compliance with Global Forum Standards and Financial Action Task Force (FATF) recommendations increases the sovereign risk profile of not only the jurisdiction (TT)… – Continue reading

Double Tax Treaty / Double Taxation / IMF / Income Tax / Investments / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Residence / Sri Lanka / Tax Authority / Tax Laws / Tax Relief

Has the New Inland Revenue Act paralysed the Double Tax Treaty Network of Sri Lanka? Part 1

Posted On: October 2, 2018

1.Introduction Due to the influence of International Monetary Fund, the income tax law of Sri Lanka witnessed a near paradigm shift with the introduction of Inland Revenue Act No.24 of 2017 (new IRA) by repealing Inland Revenue Act No.10 of 2006 with effect from 1 April 2018. Unlike the Inland… – Continue reading

Automatic Exchange of Information / Individuals / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Pakistan / Residence / Tax Amnesty / Tax Authority / Tax Dodging

FBR to take action against tax dodgers from next week

Posted On: September 29, 2018

KARACHI: The Federal Board of Revenue (FBR) is all set to launch a major crackdown against individuals with concealed and untaxed offshore assets from next week as the revenue body bets on financial information shared under an international treaty, officials said on Friday. The officials said the FBR finalised the… – Continue reading

Automatic Exchange of Information / Business / China / Hong Kong / Jurisdiction / Macau / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Portugal / Tax Authority

Macau | City to comply with OECD tax information exchange from September 1

Posted On: July 31, 2018

Macau financial authorities announced today that starting from September 1 the city will start complying with automatic financial exchange regulations devised by the Organisation for Economic Co-operation and Development Macau (MNA) – The Office of the Secretary for Economy and Finance, Lionel Leong Vai Tac, has announced this Tuesday that… – Continue reading

Base Erosion & Profit Shifting / Immovable Property / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Tax Authority / Tax Evasion / Tax Laws / United Kingdom

FBR obtains information about Pakistanis’ immovable properties in UK

Posted On: July 16, 2018

ISLAMABAD: Under a newly-signed agreement, Pakistan will have access to the information about its nationals’ assets abroad, it emerged on Monday. The Federal Board of Revenue (FBR) has obtained information regarding immovable properties owned by Pakistanis in the United Kingdom (UK). The information has been obtained with the assistance of… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / Hong Kong / Jurisdiction / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Tax Authority

Inland Revenue (Convention on Mutual Administrative Assistance in Tax Matters) Order gazetted and commences operation

Posted On: July 13, 2018

Hong Kong (HKSAR) –      The Inland Revenue (Convention on Mutual Administrative Assistance in Tax Matters) Order (the Order) was gazetted and came into operation today (July 13). The Convention on Mutual Administrative Assistance in Tax Matters (the Convention) will enter into force in Hong Kong on September 1,… – Continue reading

Automatic Exchange of Information / Liberia / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Tax Authority / Tax Avoidance / Tax Collection / Tax Evasion

Liberia signs convention on mutual tax administration

Posted On: June 13, 2018

Liberia has signed the Convention on Mutual Administrative Assistance in Tax Matters, as amended by the Protocol amending the Convention on Mutual Administrative Assistance in Tax Matters at the Organization for Economic Cooperation and Development (OECD) The Convention provides a multilateral basis for a wide variety of administrative assistance including… – Continue reading

Automatic Exchange of Information / G20 / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Peru / Tax treaties

Peru Ratified OECD’s Multilateral Tax Convention

Posted On: June 4, 2018

Peru has completed the necessary steps to become a party to the OECD Multilateral Convention on Mutual Assistance in Tax Matters and also the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. On May 28, 2018, Peru’s Minister of Economy and Finance, David Tuesta, deposited… – Continue reading

Automatic Exchange of Information / Bahamas / Base Erosion & Profit Shifting / Common Reporting Standard / Framework / Multilateral Competent Authority Agreement / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Vizor Software

$1.745m Software Deal To Facilitate Tax Exchange

Posted On: May 23, 2018

The Ministry of Finance has embraced a software solution from Vizor AEOI Software to help meet its automatic tax information exchange (AEOI) commitments. The Bahamas will use Vizor’s solution to meet its obligations under the Organisation for Economic Co-Operation and Development (OECD)’s Common Reporting Standard (CRS), and its Foreign Account… – Continue reading

Common Reporting Standard / Financial Institutions / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Residence / Tax Amnesty / Tax Authority / Tax Evasion / Tax evasion investigations / Tax Laws

Government spots 645 firms to probe tax issues of non-residents

Posted On: April 21, 2018

KARACHI: Authorities have spotted more than 600 local firms to investigate the tax status and gather other financial information of non-residents, as new rules on data sharing, under an international treaty, kicked in to fight tax evasion, officials said on Friday. The officials said the Federal Board of Revenue (FBR)… – Continue reading

Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Residence / Tax Amnesty / Tax Authority / Tax Reform

People await budget to declare assets under amnesty scheme: KTBA

Posted On: April 19, 2018

KARACHI: People are awaiting budget announcement for the next fiscal year of 2018/19 to declare their local and foreign assets and benefit from the new amnesty scheme, a senior tax practitioner said on Wednesday. Khalid Mahmood, president of the Karachi Tax Bar Association (KTBA) said bar members are receiving a… – Continue reading

Automatic Exchange of Information / Common Reporting Standard / Framework / Hong Kong / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Tax Evasion

Hong Kong To Soon Join OECD’s Multilateral Tax Compact

Posted On: February 2, 2018

Hong Kong on February 2, 2018, ratified an Ordinance to enable the territory to soon join the OECD’s Multilateral Convention on Mutual Administrative Assistance in Tax Matters and thereby more simply and more broadly agree to exchange tax information with other countries’ tax authorities. The Inland Revenue Department said the… – Continue reading

Base Erosion & Profit Shifting / Blacklist update / EU / Gap / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Samoa / Tax Avoidance / Tax Evasion / Tax Haven

US Treasury disputes EU decision to list Guam on tax haven blacklist

Posted On: January 7, 2018

The U.S. Treasury Secretary is disputing a decision by the European Union to place Guam, and American Samoa, on its blacklist of noncooperating tax jurisdictions. In a letter to EU Secretary General Jeppe Tranholm-Mikkelsen, U.S. Treasury Secretary Steven Mnuchin wrote that “there is no basis for concluding that American Samoa… – Continue reading

Base Erosion & Profit Shifting / Common Reporting Standard / Jurisdiction / Multilateral Competent Authority Agreement / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Qatar / St. Kitts & Nevis

Qatar Commits Support To All Of The OECD’s Tax Work

Posted On: November 14, 2017

Qatar has become the 115th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention is touted by the OECD as “the most powerful instrument for international tax cooperation.” It provides for all forms of administrative assistance in tax matters: exchange of information on request,… – Continue reading

Automatic Exchange of Information / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / New Zealand / OECD / Switzerland / Tax cheats / Tax Evasion

New Swiss tax data exchange deals raise red flags

Posted On: September 26, 2017

The automatic exchange of tax information (AIE) between countries is generally seen as an effective way of cracking down on tax cheats. But what if a country uses the data to politically oppress its citizens? It’s a burning issue facing Swiss lawmakers. This week, Swiss parliament will begin a debate… – Continue reading

Brunei / G20 / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD

Brunei Signs OECD’s Multilateral Tax Compact

Posted On: September 13, 2017

Brunei has become the 113rd signatory to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, signing the pact at the OECD headquarters on September 12. The Convention is touted by the OECD as “the most powerful instrument for international tax cooperation.” It provides for all forms of administrative… – Continue reading

Cameroon / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Multinationals / OECD / Tax Evasion

Cameroon works with OECD to fight against tax evasion of multinationals

Posted On: July 14, 2017

Cameroon has officially become the 70th country to adhere to the convention of the Organisation for Economic Co-operation and Development (OECD), on mutual administrative assistance in tax matters. The act of accession to this convention has just been signed between OECD and the Cameroonian Minister of Finance, Alamine Ousmane Mey…. – Continue reading

Common Reporting Standard / Jurisdiction / Lebanon / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Tax Collection

Lebanon Joins OECD’s Multilateral Tax Pact

Posted On: May 16, 2017

Lebanon became the 111th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 12, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading

Base Erosion & Profit Shifting / Common Reporting Standard / Jurisdiction / Kuwait / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Turkey

Kuwait Signs OECD’s Multilateral Tax Pact

Posted On: May 8, 2017

Kuwait became the 110th jurisdiction to sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on May 5, 2017. The OECD describes the Convention as the most powerful instrument for international tax cooperation. It provides for all forms of administrative assistance in tax matters: exchange of information on… – Continue reading

Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Offshore Companies / Pakistan / Tax Haven

Sharif’s finances in foreign tax havens not accessible to JIT

Posted On: April 23, 2017

ISLAMABAD: Even before the formation of a seven-member joint investigation team (JIT) on the money trail of assets owned by Prime Minister Nawaz Sharif and his family, in accordance with the decision of the Supreme Court, new questions have arisen over its supposed modus operandi. The JIT team will not… – Continue reading

G20 / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore Tax Evasion / Paris / Tax Avoidance / Tax treaties / United Arab Emirates

UAE inks multilateral tax co-operation convention

Posted On: April 22, 2017

The United Arab Emirates (UAE) has signed an international tax agreement – Multilateral Convention on Mutual Administrative Assistance in Tax Matters(MAC), which is now seen as the ‘gold standard’ for co-operation in tax administration. With this move, UAE has become the 109th jurisdiction to join the most powerful multilateral treaty… – Continue reading

Corporates / Israel / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Tax Laws

Israel: “Wallet Companies”- Draft Tax Bill Within The Scope Of The Arrangements Law For 2017 – 2018

Posted On: March 6, 2017

Recently, the Finance Committee concluded its deliberations regarding the imposition of tax legislation pertaining to “wallet companies” (companies owned by individuals who provide services through them) within the scope of the Arrangements Law for 2017 – 2018. The original draft bill was softened and even sweetened for a particular period… – Continue reading

Base Erosion & Profit Shifting / G20 / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Panama / Tax Laws

Panama’s President Juan Carlos Varela Signs Convention on Mutual Administrative Assistance in Tax Matters into Law

Posted On: February 23, 2017

President of Panama Juan Carlos Varela signed into law today the implementation of the Convention on Mutual Administrative Assistance in Tax Matters (MAC), which allows for sharing tax information multilaterally on request with the 107 jurisdictions that are part of the convention and provides a common legal basis for cooperation… – Continue reading

Double Taxation / India / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Tax Avoidance / Tax Information Exchange Agreements / Tax treaties

Revised tax treaties to exchange info for other purposes, says government

Posted On: February 3, 2017

India has revised 40 treaties for avoidance of double taxation so that the information exchanged with partner nations on tax matters can also be utilised for other purposes including criminal proceedings, Parliament was informed on Friday. “Treaty partner countries have been requested to modify the tax treaties, so as to… – Continue reading

Automatic Exchange of Information / Business / China / Debt / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Real Estate

Automatic information exchange to start from 2018

Posted On: January 21, 2017

KARACHI: Finance minister Ishaq Dar on Friday said that tax evaders will find no place to park their ill-gotten money, as Pakistan will begin automatic-exchange of information from next year. “As per international agreement with OECD (Organisation of Economic Cooperation and Development), Pakistan will start automatic exchange of information regarding… – Continue reading

Americans / Automatic Exchange of Information / Banking / Banking Secrecy / Citizenship / Common Reporting Standard / FATCA / Foreign Financial Institutions / GATCA / Kenya / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Offshore Banking / Rwanda / Tanzania / Tax Authority / Tax Evasion / Uganda / USA

Global crackdown on tax evasion signals the end of bank secrecy era

Posted On: January 18, 2017

Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda. The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver… – Continue reading

Automatic Exchange of Information / Bahamas / Bilateral Agreement / Common Reporting Standard / Framework / Jurisdiction / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD

Bahamas makes progress on implementation of Common Reporting Standard

Posted On: December 21, 2016

NASSAU, The Bahamas — December 2016 marks a significant month for the Financial Services Industry in The Bahamas. The much-anticipated Bill to provide for the implementation of the Common Standard on Reporting and due diligence for financial Account Information in Tax matters and for connected purposes was passed unanimously in… – Continue reading

Africa / Anti money laundering / Base Erosion & Profit Shifting / Beneficial Ownership / Business / Common Reporting Standard / FATCA / Framework / Germany / Individuals / Investments / Jurisdiction / Mauritius / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Oxfam / Regulatory / Tax Evasion / Tax Haven / USA

Mauritius: Joint Statement By The FSC & The FSPA

Posted On: December 19, 2016

The Mauritius IFC: Driving Growth in Africa As a jurisdiction of substance, the Mauritius International Financial Centre (Mauritius IFC) has been instrumental in driving quality investments in Africa, leading to sustained growth and prosperity across the continent. It is therefore with deep regret that we take note of the misperceptions… – Continue reading

Anti money laundering / Automatic Exchange of Information / Beneficial Ownership / Citizenship / Common Reporting Standard / Dividends / Dubai / Individuals / Jurisdiction / Legislation / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Pakistan / Real Estate / Residence / Residency / Tax Evasion / Trust / UAE

Black money across the border: Why Pakistan’s elite are quivering as UAE demands tax information

Posted On: December 17, 2016

According to unofficial estimates, more than $2 billion has flowed into Dubai real estate from Pakistanis every year for the past three years. Last week, account holders in a major UAE bank began receiving letters alerting them that soon they would be required to furnish information “with a view to… – Continue reading

Automatic Exchange of Information / Base Erosion & Profit Shifting / G20 / Monaco / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Tax Evasion

Monaco ratifies international tax convention

Posted On: December 14, 2016

Monaco has ratified the Convention on Mutual Administrative Assistance in Tax Matters. The ratification underlines Monaco’s commitment to fighting tax evasion and avoidance. It also means the principality has taken another important step in implementing the Standard for Automatic Exchange of Financial Account Information in Tax Matters, developed by the… – Continue reading

Bank of China / Base Erosion & Profit Shifting / China / Commercial Bank of china / Double Taxation Agreement / Income Tax / Industrial and Commercial Bank of China / Interest / Loans / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Pakistan / Tax Exempt

Pak-China avoidance of double taxation treaty inked

Posted On: December 10, 2016

ISLAMABAD – Pakistan and China signed third protocol to the avoidance of double taxation agreement that would allow a Chinese bank and a state-owned investment fund to avail income tax exemption on interest income from loans for energy projects under China-Pakistan Economic Corridor (CPEC). Federal Board of Revenue (FBR) Chairman… – Continue reading

Activity / Andorra / Base Erosion & Profit Shifting / Blacklist update / Business / Cayman Islands / Common Reporting Standard / Country-by-Country (CbyC) Reporting / EU / Europe / Jurisdiction / Liechtenstein / Monaco / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Multinationals / OECD / Offshore / San Marino / Switzerland

Cayman commits to BEPS rules to counter EU blacklist

Posted On: December 6, 2016

Also commits to country-by-country reporting Cayman has committed in principle to a project reforming the application of tax rules in cross-border business to combat the erosion of tax bases and the artificial shifting of profits to low or no-tax jurisdictions. Developed by the Organization for Economic Cooperation and Development, base… – Continue reading

Automatic Exchange of Information / Canada / India / Japan / Multilateral Competent Authority Agreement / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / Ordinance / South Korea / Switzerland / Tax Authority

Switzerland Adopts Ordinance On International AEOI

Posted On: November 25, 2016

Switzerland’s Ordinance on the International Automatic Exchange of Information (AEOI) in Tax Matters will enter into force on January 1, 2017. The Swiss Federal Council adopted the ordinance on November 23. The ordinance contains the Federal Council’s implementing provisions for the Federal Act on the International Automatic Exchange of Information… – Continue reading

Banking / Brazil / Europe / Mexico / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / South America / Switzerland / Uruguay

Automatic exchanges signed with three countries

Posted On: November 19, 2016

Switzerland has signed declarations to exchange tax information automatically with Brasil, Mexico and Uruguay and Mexico in coming years, but the deals must still go before Swiss parliament for approval. Under the declarations, banking information would be collected from 2018 and exchanged by 2019, the State Secretariat for International Financial… – Continue reading

Anti money laundering / Beneficial Ownership / Business / Corruption / Framework / Investments / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Offshore Investments / Pakistan / Property / Regulatory

Govt poised to regulate offshore investments

Posted On: November 16, 2016

ISLAMABAD: The government has stepped up to check corruption and regulate offshore investments in a bid to promote transparency and good governance, finance minister said on Tuesday. “New measures, such as the companies’ global register of beneficial ownership, will curb corruption, help (government) address challenges related to offshore investments and… – Continue reading

Automatic Exchange of Information / Beneficial Ownership / Georgia / Jurisdiction / Legislation / Marshall Islands / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Panama / Tax Authority

Tax transparency tops OECD agenda in Tbilisi

Posted On: November 7, 2016

The OECD is calling on all jurisdictions to conform to the latest tax transparency standards under exchange of information rules at the same time as they develop their own tax transparency initiatives The majority of OECD members have committed to implement the automatic exchange of information (AEOI) standard, with a… – Continue reading

Activity / Andorra / Belgium / Common Reporting Standard / Corporate Tax / Europe / European Commission / European Parliament / France / Germany / Greece / Ireland / Jurisdiction / Liechtenstein / Malta / Monaco / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Panama / San Marino / Slovakia / Switzerland / Tax Haven / Tax treaties

EU Countries Block Use of Rates as Tax Haven Criteria

Posted On: November 4, 2016

A “number” of European Union countries are blocking a push to include zero corporate tax rates as criteria for the bloc’s tax haven blacklist, according to Slovakia, which holds the rotating EU presidency. EU members have been unable to reach an agreement on cracking down on offshore structures aimed at… – Continue reading

Automatic Exchange of Information / EU / G20 / Law Firm / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Offshore Tax Haven / Panama / Paris / Tax Haven / Tax treaties / UN / USA

Panama to join international tax convention on Thursday: OECD

Posted On: October 26, 2016

Panama will take a big step towards ending its status as an offshore tax haven on Thursday by signing a multilateral convention to share foreign taxpayer details with other governments, the OECD‘s head of tax said. Panama’s role as a major offshore tax haven came into the public spotlight earlier… – Continue reading

Automatic Exchange of Information / Banking Secrecy / Europe / Framework / India / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Switzerland

Switzerland ratifies convention for automatic tax

Posted On: September 26, 2016

Paving the way for the automatic exchange of tax information with India and other nations, Switzerland has ratified the multilateral convention on administrative assistance in taxation matters. The move marks a significant step in the continuing global efforts to crackdown on illicit fund flows in the system and do away… – Continue reading

Banking / Corruption / Income Tax / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Offshore / Offshore Accounts / Offshore Tax Evasion / Pakistan / Paris / Revenue / Switzerland / Tax Evasion

Pakistan can access 15 years data of offshore accounts

Posted On: September 18, 2016

The Federal Board of Revenue (FBR) will now be able to obtain the data of offshore bank accounts of Pakistani nationals for the last 15 years under the international tax treaty that it signed with the Organization for Economic Cooperation and Development (OECD), officials said on Saturday. “The signatories of… – Continue reading

ActionAid / Apple / Automatic Exchange of Information / Base Erosion & Profit Shifting / Beneficial Ownership / China / Corruption / EU / Framework / G20 / Ireland / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Revenue / State Aid / Tax Arrangement / Tax Avoidance / Tax Evasion

Obama warns G20 of risk of tax ‘race to the bottom’

Posted On: September 6, 2016

The G20 summit in China has stressed the need for international tax cooperation to achieve ‘a globally fair and modern international tax system’, after US President Obama warned of the risks if countries ‘race to the bottom’ in tax policies At a press conference at the conclusion of the summit,… – Continue reading

Brazil / Jurisdiction / Multilateral Convention on Mutual Administrative Assistance in Tax Matters / OECD / Tax Avoidance / Tax Evasion

Multilateral Tax Pact To Take Effect In Brazil In October

Posted On: September 5, 2016

The Multilateral Convention on Mutual Administrative Assistance in Tax Matters is set to come into effect in Brazil on October 1, 2016, following the publication of Decree No. 8842 in the Official Gazette on August 30. According to the Organisation for Economic Cooperation and Development (OECD), the Convention is the… – Continue reading

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