Automatic exchange statistics as of June 2019

Automatic exchange statistics as of June 2019

Organisation for Economic Co-operation and Development (OECD) has published Secretary-General Report to the G20 Finance Ministers and Central Bank Governors as of June 2019 which, amongst other matters, contains statistic data of the process of automatic exchange of  information on financial accounts. The mentioned report has been presented on the G20 Finance Ministers and Central …

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The United Kingdom has excluded Russia from its list of countries for automatic exchange of tax information

The United Kingdom has excluded Russia from its list of countries for automatic exchange of tax information

According to information provided by official source of Her Majesty’s Revenue and Customs (HMRC), the automatic exchange of information on financial accounts with Russia in accordance with CRS will be put to an end. Russia has been excluded from the list of jurisdictions with which the United Kingdom exchanges the information automatically. Both Russia and …

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Tax reform in Seychelles

Tax reform in Seychelles

1 January 2019 several acts that substantially change tax regime of International Business Companies (offshore companies, IBC companies), as well as of companies with special license and funds, have entered into force. IBC companies regulation The most important issue of tax reform in Seychelles is the change of IBC companies regulation provided by International Business …

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The first results of automatic exchange 2018

The first results of automatic exchange 2018

The Organization for Economic Cooperation and Development (OECD) has announced the interim results of implementation of automatic exchange of financial account information in 2018. The automatic exchange is carried out annually in unified electronic format between tax authorities of the countries participating in Multilateral Competent Authority Agreement (MCAA) under the Common Reporting Standard (CRS). The …

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Automatic exchange and citizenship by investment programs

Automatic exchange and citizenship by investment programs

16 October 2018 the Organisation of Economic Co-operation and Development (OECD) has published a list of jurisdictions that provide citizenship, residence and special types visas to foreign individuals by investment in its economy, that potentially may be used for avoidance of automatic exchange of information about financial accounts of taxpayers (automatic exchange) at OECD’s opinion. …

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Amendment of low tax jurisdictions blacklist of the European Union

Amendment of low tax jurisdictions blacklist of the European Union

On 2 October 2018 the Council of the European Union (EU) has amended the blacklist of non-cooperative jurisdictions for tax purposes: Palau has been de-listed. This blacklist was published on 5 December 2017 and included 17 jurisdictions that do not cooperate in matters of exchange of tax information and establish preferential tax regimes (zero or …

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Amendment of low tax jurisdictions blacklist of the European Union

Amendment of low tax jurisdictions blacklist of the European Union

On 2 October 2018 the Council of the European Union (EU) has amended the blacklist of non-cooperative jurisdictions for tax purposes: Palau has been de-listed. This blacklist was published on 5 December 2017 and included 17 jurisdictions that do not cooperate in matters of exchange of tax information and establish preferential tax regimes (zero or …

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Extension of list of countries for automatic exchange of tax information

Extension of list of countries for automatic exchange of tax information

According to official website of Organisation for Economic Co-operation and Development (OECD) the list of countries that have activated bilateral relationships for automatic exchange was extended in July 2018 and currently includes 90 jurisdictions. Each state has to complete several steps for purposes of participation in automatic exchange of information of financial accounts in accordance …

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Latvia has included Russia in the list of countries for automatic exchange

Latvia has included Russia in the list of countries for automatic exchange

On 13 April 2018 Cabinet of Ministers of Latvia has amended Regulation No. 20 of 5 January 2016 that establishes Procedures by which a Financial Institution Implements the Due Diligence Procedures for Financial Accounts and Provides Financial Accounts Information to the State Revenue Service. This document contains a list of states and territories with which …

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OECD concerns about residence-by-investment schemes to circumvent automatic exchange

OECD concerns about residence-by-investment schemes to circumvent automatic exchange

It is known that the route of data flow within the automatic exchange of financial account information under the Common Reporting Standard (CRS) depends on tax residence of an account holder, which is to be declared by a customer in self-certification bank forms. The recipient of the information about a foreign bank account of a …

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