Automatic Exchange of Financial Account Information BAC IN ORMATION BRI F Updat d  October  or fu ther nf on  lease ta t ascal Sai s D rec  O CD nt or Tax ol y a ist io  ai  ascal
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Automatic Exchange of Financial Account Information BAC IN ORMATION BRI F Updat d October or fu ther nf on lease ta t ascal Sai s D rec O CD nt or Tax ol y a ist io ai ascal

sai so ec o im P oss ad of Divisio CD or Tax ol y a Ad ist io ai oss ec o brPage 2br AUT MA IC EXC ANG MA TI oun oney ept oad un ax o ax o co y it h x ob li ho ri ons sd ons a ound he rl nd e op ng and de oped and no CD and un ed ca li ng rt er on

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Automatic Exchange of Financial Account Information BAC IN ORMATION BRI F Updat d October or fu ther nf on lease ta t ascal Sai s D rec O CD nt or Tax ol y a ist io ai ascal




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Presentation on theme: "Automatic Exchange of Financial Account Information BAC IN ORMATION BRI F Updat d October or fu ther nf on lease ta t ascal Sai s D rec O CD nt or Tax ol y a ist io ai ascal"— Presentation transcript:


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Automatic Exchange of Financial Account Information BAC IN ORMATION BRI F Updat d: 2 October 2014 or fu ther nf on , lease ta t: ascal Sai s, D rec , O CD nt or Tax ol y a ist io , ai : ascal.sai s@o ec .o im P oss, ad of Divisio CD or Tax ol y a Ad ist io , ai : oss@ ec .o
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AUT MA IC EXC ANG MA TI oun oney ept oad un ax o ax o co y it h x ob li ho ri ons. sd ons a ound he rl nd e, op ng and de oped, and no CD and un ed ca li ng rt er on ad su of on ax a dan e and e si on. ope on be en ax ad ns he fi ht nst ax si on and a ey pe of ope n exc an e of on. he has

ng h y of ng ea er ope ti on and ng a of ex han of ti on on que , spo an ous and au ti nd he M il on en ti on M l nce n ax M and e 26 of he Mod Tax on en on de a ba s l s of ti on exc an e. A or thr ou h ds e ax an pa ncy as co li sh d n 2009 it h on exchan e up n ue t eco ng he na al an d and he tr uc d al um on Exchan ti on nd nsp cy or ax po es ng on it or he en he an ou h dep h eer ews. he has been an ep chan n on ax tr sp n 9 ri 20 , he nce s f Fr ce, an Spa n and e he cou s t de oped he A en al ee en it he ed an ounced ti o exchan pe ti on on st he es add ti on ex han ng on he it ed s.

September 01 nearly 50 sd ons had ed oup nd co itt ed he rl y adop on he da d d ev oped by CD , nc ud ng a pec c and iti us ti or ng so. For e ti n, se : http://www. oecd.org/tax/transparency/AEOI early adopters statement.pdf Fol ng co it ent sh au chan as he new lo an ade by ead n June 20 20 Lea s r Su Se ber ll y end ed he op a y obal odel of au ti c exchan and it he ng it 20 coun es ch new nd r au exch of ti on ti or 20 Feb 2014 ee ti ng. Feb ua 201 e 20 Fin and en al ank no ndo ed e ob and ar or au chan of ax ti . Fur er uppo new al nd d on au ti xch as den ed he D oun l ti he d n Pa s 7 M

2014 it he ad on of he ec ti on n Exchan ti on Tax . he he en ed he na ti on ent he w obal an tl y and on oc ba s, ca on nan ce es o do so it out and li ed he eed ov de ec al ance de op ng cou es em bene om he new s and d. Following approval of the Standard for Automatic Exchange of Financial Information in Tax Matters by the OECD Council on 15 July 2014 , the full Standard was endorsed by the G20 Finance Ministers at the ir meeting in Cairns in September 2014 . S he nnex 8 a d 20 en ng suppo or e wor
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Furthermore, on 14 October 2014 the 28 Member States of the European Union

reached a political agreement on an amended Directive that will imple ment the new Standard in the EU. On 29 October 2014 , jurisdictions , 38 of which were represented at ministerial level, signed the first ever multilateral competent authority agreement to automatically exchange information under the Standard, based on Article 6 of the Multilateral Convention . The significance of this event was demonstrated by the participation of 38 ministers* in the signing ceremony, the largest gathering of ministers to take joint action to address tax evasion. The competent authority agreement specifies

the details of what information will be exchanged and when. It is a multilateral framework agreement , with the subsequent bilateral exchanges com ing into e ffect between those signatories that file the subsequent notifications under Section 7 of the agreement. The signatories were: Albania, Anguilla, Argentina, Aruba, Austria, Belgium, Bermuda, British Virgin Islands, Cayman Islands, Colombia, Croatia, Curaçao, Cypru s, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hungary, Iceland, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia,

Liechtenstein, Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Net herlands, Norway, Poland, Portugal, Romania, San Marino, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Turks and Caicos Islands, and the United Kingdom (see www.oecd.org/ctp/exchange of tax information/mcaa signatories.pdf he ob um on an ency and Exc ng of ti or T Purpo ch 120 coun es and s, has also collected commitments from its members to implement the new Standard. Through this process over 80 jurisdictions have expressed their commitment to implementing the Standard to specific timetables 1. A e ob

an or a c e chan fi na al acco nt or on nder he ob anda ti om nan d au ca y exc ti on on an an ual s. ut nc l accou ti on e exchan ed, he nan ti hat need o ep rt , he pes f accou s and xpa s co ed, as on due ence edu es o be ed by nc l on ns of tw o en , h ep ti ng d ue il nc e s e n na ns tit nd CA con s e d il ed ru on he xc nfo ti new nda dr ex ens ve ar li of D ex ha f fo n. nco po pr gre ss de it n he E pe an n, ba oney der ng dar it ve en en ion re un Tax li ng ac ca st he ar ds ti ex ha f fo ltil era ex ent axpa fr om ir en ti ng he CR pe de si ned it oad cope os s e en si on na por ed

wit re pe ct ep ab ac ype f stme nt om nc ud ng ere nd s, co fr om ce sur ce con rac nd he il ype e) so ac ce om nc l sse s. na tit on ha re ed por do on nc ud ks an d us bu na tit on su ch as er s, rta co ect me t rta ur ce om an
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or cc un nc ud ac oun he by an ch es ust s and at s) an ar nc de re ok ss titi o por on nd ua lt ro es en titi escr be il nc oc ed re ll by st o po ac ns ti aw, ere as au or ) ex cu ed ng ga fr ew su ch ti he Mu ltil era on ti on n ua ra ss ce n Tax Ma er he qu va 6 n a il era x ea . or en ri ng oca xc au ti ca ll wi ano he un t ss ti ce ha he al ra

ew nd ra ti pac nd oce n ac e o e ns e e c onf den ti it he nfo ti n re ed an d ha h n s o se d or e ur os es pec ns en Whe no he cas e, au ti ex an no app opr ng app va by unc he on 01 4, he rs on he r omat ge cc nt I ormat n ax tte rs re eas de n re ar ve es The hre par ta da are he od ti II ex e M ode en or it en ode nd S; he mm en ar e M ode nd en xe nd (1 Mu lti de e nrec pr ca de he hn da iti s, de (3 CR se gu de , d ues it re pec o c onf ti li y a da saf ards (5 de pp oa ch e CR (6 ec ara ti on ti hang of fo ti n Ma er nd ) e co en da ti on nda The Standard was presented to G20 Finance

Ministers at their September 2014 meeting where it was strongly endorsed along with commitments to implement in time to begin exchanges in 2017 or end 2018. Im en ti g andar ca su ar fo g fou eps , h ca don an orde ud be pursue para ll . ran repor ti du ili enc requ re en do es ti . ec ba fo xchan nfor ti on . ac ad ra an nfras ru ur co ll an exchan nfor ti unde andard . ro ec co den it an da safe uards 3. he eg as if fe nt al ba es au ti chan of ti on al eady ex Wh ti ch as ba ed on ti 26 of he de ax on en ti on uch an be e ffi li h a ut ti exch ti ns ou ultil ti exc e tr en
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e Mu il al on on ra ti si nc Tax tt as ended 20 1, s uch an ns tr en . t p es or po si of ra ti er ti , on ct on on de lit and p se , and it s ati ex an ti on. ti ex han und he il al Con on es ep ee nt be n he co pe es ar ti be ed by or rt es us ng or a si ee ent it al ti es it ti chan ta ng p s) . Such ee ent d a cti and op era ti na li H ti xc een ti g cou ou pe if y he ti on ex ed and ou ls de al it ss h as he ti and at xch e. he Multilateral Competent Authority A greement signed in Berlin, which is based on the Mo el er es hat on . The Model CAA can also ed wi n e con xt of al il er on ti

on now ru al nt re the Philippines Monaco now 84 jurisdictions participating in he on en on, ng 20 cou Chart of participating jurisdictions ). dd it on co ri ha ex es t n , ud ng ba an, en and us, and we pe her gn es n he ear 4. e e ob or on ra spar cy and change on or Tax rpos eco iti on he ence as new obal da d at upp rt s nd enha ces xc an on equ 2013 he al Forum st sh new un I oup. I oup co ri s obal um be nd ob ho sh co er ds co on oal f en ng he I oup il hat 20 has anda ed he l Forum on it nd ew en on he St nda and he de op ng coun es de or chn ce and ca it bu ng der and bene om he I oup

wi co ti nu se wi h, and aw on he ex en he CD , he W rl ank oup, e G20 a d o he s. 2014 2015, he A EO oup pose he s of nce d a hodo or on it ri ng e en ti of on ba s. he I oup il so en if he ound ons eed r ur o ent ha ng ca ac y con s, so ce li it ti ns d e n ed en e co de ti it and he p per use ti n exc an ed. he oup il ack he ob um ena on on and dec s w co ti e e ade by he Glob 5. ckgroun ATC nt rg ver al re en 2010 he ed es ena ed ti on co mm on y ed For ccou x li ance , ch ec eq es n fi an al it ti ns ar ound e obe o po t accou il .S. cu st he .S. ax ad ti on. co g he po rt ant al and co

ues s app oach he ed es op wi r and ber coun es an e, an , Spa n an he it d do odel or he en l en ti n of A Mod l A . The Mod l A A p des e en ti of A ep ng by fi na ons al ax h hen exc an e he or on on an a ti ba s it he U. ax ho s. he Mod not on y beco ng a rr ed ou or he en ti on CA has so er ed as he or he co on odel or exc an of ti on. he Mo l
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it co ns co it ent it ed oun s, he and he app EU on ad ti ng of he Mo el he ed um m co on odel or ti c exc ha of ti on , ng he de op ent of ng and ue li ence an V se on 26 y 201 he co ed he od A. he D Sec ene al el a , armly

come co ope ve and lt il al approa on ch he odel ag eme d. at he have ays ed he need o c bat ore ax eva on il ke ng comp ce co s ow as p . A pr on ems s obod s . are happy o dou our ar a, or ng wi ed cou es eho de de n ob ti s bal rob s he be vernme s d b s und e wo G Que ns nd sw ers ues on: What does he anda d con s r: he an d s t e nan l cc ount ti on o be xchan ed, e nan l ons ed o rt , he ent pes of ccou and pa co ve ed, as co on due li ence edu es be ed by fi an al ns ons. ons co on e CR ch c on e re or ti ng a du il ge e ru o se nc tit ons nd II ) he CA h c on de d n he ch an e nfo ti

vers on e ta da ppr ed by he 15 4, ud es II mm ar s on ode he CR S, an en ne he nd Th nn xe (1 he ltil era l ode (2 he oca de CA hn da lit es ch nc (3 he S ch use e, an 4) ues on h spe ct onf den li y an saf gua ds (5 e de pr ac S; 6) he ec ara ti ti on tt er ; (7 he co en da ti on ar d. ues on: What are he n d ces be een and rd and FA A? r: he an d ons s f a ll y cal c exc an e em fr om ch S sp it es ha een ed. For ce, ba ed on den nd es not o en p. s, conc and app oac es ha be an ng c un es use he em it ho ha ng o ne nd al anne li A, he da does not de r sh ds ex ng nd al cou s, but nc es de

ce add il ng on he EU ti e. des or a li ed a s ch ch acco s. Fi t ha s s ec l de ng it rt n st ent en es e ey a ba n do pa n au c ex han e und he and d. ues on: When andard e rod ced c ev r: he and es not co any pa ti li en on at ed li s ou d b ng bene s r b h bus ne s and en s. her ou h e signing of the multilateral competent authority agreement he 20 or Global For um commitment process over 80 sd ons ha eady pub co itt ed o ent he St nd d.
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ues on: re be a ev ew pro s? r: s. he 20 has anda ed he bal For on an pa ency and chan of ti on fo r ax po es sh echan sm on it or and ew

he en ti on he new ob l an on a ti exc an e of ti on. ues on: What does ean or ev ng ou nt r: he 20 s en a anda e o e obal um on cy and Exchan e of ti on ax Pu rp os he op ng coun if y needs or ech ce and capa it il ng wi he D sk For ax and op en he rl ank oup nd s. d o and e he V ent Wo ng oup , along with the Global Forum, developed a ap sho ng h de op ng coun es co ob es o pa on e a ti c e chan e an and st em n ee ti ng he an This was presented to the G20 at their September 2014 meeting. ues on: ow he co den y of he excha ed ens ed r: he an on ns sp es on he on fi en y of he on exc

an ed and e unde ng ti al eg al exchan en lr ady con ua de l he mm ar on he Mod CA Whe and ds not et w or , oun es wi xc e ti on au ca ues on: What ork h s he OEC D done pr n the ar a of ut ti change? r: t ear e D de ed a ep , A p han e n x ran , o he Pr de cy on how sd ti co il on he ent de en ent au ti chan e lti co 201 he en ed ep he 20 ade Su Automa Exchan of orm ti hat s, ow or s, Bene s, hat ns be don so he ea ed de on on fi en eep Sa ch be ces ed o con de it and es cal da ce on ow eet an adeq el of on or s of ti on exch ed. li of er k nc de: 1997 eco enda ti on on he use of ax den ti be

an na na co a 2001 co enda ti on or use of a od andum of nd an ng or au ti exc an and o er he 20 ea he ev op ent and up f an d or exc an ng ad an of st ec hn al de op en and d ne For and ba ed and Tr si on ha so ed he ba r he E s work on a c exc an e. ues on: What aut c e change of nf or n for ax p rpo r: ti c exc ha of on es ri od tr ns si of E axpa er ti on by he sou ce co y of e o he cou tr y of de ce f he ax er conc ng ri ous c es of co or fo ti on e. end , , ti s, s , pen ons, c. he rm ti on ch exc an au ti ll ll co he sou e co un y on ou ti ba s, ene y ou epo rt ng of he pa en by

he pa er (fi nc al ns , , e
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For e kg ound nf ti on n c chan e of on n ene , ee: Au Exchan e of orm ti hat s, How or s, ene s, hat ns o be done ues on: What are he n b it of ti xchange? r: x ti chan of ti on de ti ti on on no co ance ax has en e aded on n st ent n he nde ng cap al su x can he de ct of no li ance en er ax ad ons ad no s nd ti s of no co li ance. x has de ff s, ea ng un co li nce nd cou ng ax pay l ant ti on. x ti c exc an e ay he p ed ca e axpa s n r po ti ng li ti on s, nc ea e ax enues and hus ad ss en ng hat ax ay he ha of ax e ri ht e at e ht e. x n a l nu

ber f s oun es e been ab e o e he ti on ec ve d au ca it n s s uch co e ax s an be ll ed
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ANNEX 20 and 8 po r uto c e change ti on I. ort om he 20 20 na ce ni rs d en ank vern rs mm Cairns, a, 2 September 20 We endorse the finalised global Common Reporting Standard for automatic exchange of tax information on a reciprocal basis which will provide a step change in our ability to tackle and deter cross border tax evasion. We will begin exch anging information automatically between each other and with other countries by 2017 or end 2018, subject to the completion of necessary

legislative procedures. We call on all financial centres to make this commitment by the time of the Global Forum meetin g in Berlin, to be reported at the Brisbane Summit, and support efforts to monitor global implementation of the new global standard. 20 na ce ni rs d en ank vern rs mm Sydney, a, 23 uary 20 endo se he mm on Re por ng an ard or ti exc ange orma on on a pro al ba and ork it va par nc ud our nan l ns it ons, o de ur eme ti n p an our ep ember ng. n par e exp ct be o xcha ge orm ti on ti on ax ong 20 embers by end of 2015. ca he ar ad on he an ard ons so. e ca on l fi al re ch

com it en s. urge ti s hat ha not yet com li wi he ng dard xcha ge of orm ti on ue do so d gn he ral on en on on Ad ra ve ance ax out her de ay. and re ady gher en ti ves se 14 ha not qua ed or hase 2 he ev ons. ngage it h, and suppo t d dev op ng c un s ey ne fi om our w k on 20 na ce ni rs d en ank vern rs mm Wa ngton ., ed Sta , 11 er 13 e il l os y on or he emen on of e ous ax agen a agr ed by r Leade sbu nd ook orw rd o r ar po ng om he ob Forum and e CD pa cu ar gards ng a new an ard c exc ange of rma n and en ng PS Ac ti on an. ad ti on, need or ob l Forum com he oc ti of com en ve coun

ry ti gs gar he ec e em on of orm on ex hange u on r and en e he en ti n of e an ards are on ed co nuo ba s. so r it ra com tm ent s or 20 Leade V ra on . P sburg, R a, 6 ep 20 com end he prog re ss ec en tl ac hie ved th ar of ax ran sp ar enc and ll y endo rs he D propo al or ul gl ob odel or ltilat al and ilate ral au ti c excha ge orma ti on. lli ng al th er ri di ti us th ar li si e da e, we a e co mmitte d o ti c xcha ge of form ti on s he ew glob andard, w hi ch
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10 ust nsu co nfi de ntialit y and he rop info rmat on xchan ed, nd full su po t he D ork wit 20 coun ie im

ed pr es nti ng su new gl ba an ard fo r au mati c e chan info rmat on bru ry 014 and o fi na lizi ng te ch ni oda litie f ff ctiv ut ti xch nge by mid 014. pa ll e ex ect eg n chan e fo rma ti on ut matic ll on ax matt mo ng 20 embers by he end 15. ca on a oun es he ltilate ral ve nti on tu al Ad mi istr ti ve ssi ance Tax tt wit hout rt de ay. ook orward th e pra cti and ful im em ti on he new an ard on lo bal ca e. encoura he Gl obal Forum compl et e th llo ca ti on f compre en si ve cou nt ry ati ngs ega rdi ng he effe ti ve im em tati on fo rma ti on xch nge upon eq ue t and nsu e hat he

im emen ti on of th e anda ds e on it or d n a con ti nuo ba si s. urge ju is icti ons dr es he Gl ob rum co mm enda ti ons n par ti ul ar hose 14 hat ve not oved Phase 2. nv it th Gl ob Fo um draw on he wo rk of he TF wit ne ficia p. so he Glo bal rum o st bli sh han sm on it or and r evi ew th implem en ti on he new gl ob ta ndard on au mati ex hange of fo rmat RQ 20 na ce ni rs d en ank vern mm qué Mo cow, a, 20 J 013 com end he prog ss en ac ved ar of ax ran ar nc and y endo he D propo al or ob odel or il al and ral au c excha ge of orm ti n. are com ed o au ti c e chan orm ti on as ew, ob

anda and su po he ork it 20 un ed at ng uch new ng ob ard or cha ge of orma on. ask he D o pr pa ogr ss epo by our ti ng, ng ti li or com ng 2014. ca on com o ent and rd. are com ed o ak ng chan of orma on tt na by co s, ng ncome coun s, and wil pro de ca ac uppo or hem. ca oun es n he ven on on Ad ti As an ax it ou t her de ay. ook ard he ra cal and emen on ew dard n ob e. ust ben rom he new ran ar en ent nd ca n he ob rum ange orm ti on or Pur os s rk it h sk or on ax and de op en , he or Ba ro and ev op ng ou es de y eed or ch ce cap it bu ng. are oo ng orwa o e obal rum li echa sm it and

ew he em on e ob dard on a ti c xcha ge of orm e urge ons o addr he obal Foru 's com da ons and he ou een re he gal ework il s com it he anda it out ay. ask he ob Fo um draw on e ork he TF con ec on it be al nd so ask Gl obal rum o ach ve he ll ca on ver ngs ga ng ve eme ti on of orm ti n excha ge up n r que it s Novemb r me ti g and port o s at our fi st ee ti ng n 014 20 na ce ni rs d en ank vern mm qué Wa ngton ., ed Sta , 19 20 0R e nee done addr ss su of na al ax av da ce nd eva on, n par ar ough ax ha en no co pe ve s. [ n v ew he t 20 Su mm it so ro cou ge ur sd ti ons gn ex ss

t gn g he lt il al ve ti on Ad ve Ass ce and e D port on pro come prog ss ade ar au exchan of rma on ch xp ed be ndard an urge ons ove ds excha ng orm ti wi h r ea y pa ne s, as app op e. ook orwa o or ng wi co o epo ba on he pro s op ng of ew ndard on au xch nge of orm ti n, g o ac ount coun sp fi cha ac . T e Glo al rum wi e cha ge on J
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11 20 na ni rs d en ank vern mm qué Mo cow, a, 16 br ary 20 rong cou age a ur gn he il al on en on al Ad ve As an e. ei our mm it en ng he pra ti of au ti chan of rmat on, as appro e, nd com end he pro ade ce y n ar a. e upport he ana or m

em ti n do Q 20 na ce ni rs d en ank vern mm qué co C y, co, 5 er 012 il con nue ent pr of ti exch nge orm ti on and ca on e D ana he sa uard ec an sms and st es ne ary nc se use and eme ti n a il al co 20 Leade V ra on Los abos, 19 J ne 2012 ,Q he ax ea, our com ent o ng hen ran par ncy and pr he ve excha ge of orm ti come he port he pra of c rma on chan e, re ti ead by exa eme ra ti e. ca on cou es gro ng pr ce as approp and s ong y encou age l s n e il al ve ti n on Ad ve DQFH 20 na ce rs d en ank vern mm qué co C y, 26 eb ua 2012

:HFDOOXSRQDOOFRXQWULHVWRMRLQWKH*OREDO)RUXPRQWUDQVSDUHQF\DQGWRVLJQRQWKH0XOWLODWHUDO Convention on Mutual Assistance. We call f or an interim report and update by the OECD on necessary steps to improve comprehensive information exchange, including automatic exchange of information and, together with the FATF, on steps taken to prevent the misuse of corporate vehicles and i

PSURYHLQWHUDJHQF\FRRSHUDWLRQLQWKHILJKWDJDLQVWLOOLFLWDFWLYLWLHV . rom he 8 nal C Lo gh rn , 18 Ju e 2 13 com sh au chan of orm ti on be een ax hor es as he new ob an ar d, and il ork wi he rg ti or Eco ope ti and eve ent CD ) dev op al el ch ke ea r govern en nd and sh ax eva A critical tool in the fight against tax evasion is the exchange of information between jurisdictions. We see recent developments in tax transparency as setting a new standard and commit to developing a single truly global model for multilateral and bilate ral

automatic tax information exchange building on existing systems. We support the OECD report on the practicalities of implementation of multilateral automatic exchange and will work together with the OECD and in the G20 to implement its recommendations urgently. We call on all jurisdictions to adopt and effectively implement this new single global standard at the earliest opportunity. It is important that all jurisdictions, including developing countries, benefit from this new standard in information exc hange. We therefore call on the OECD to work to ensure that the relevant systems and

processes are as accessible as possible to help enable all countries to implement this new standard.