Tax Administration Regulations To Implement The Uk`s Automatic Exchange Of Information Agreements

10 10 2021

On 23 February 2014, G20 Finance Ministers approved the common standard for the automatic exchange of tax information, which is now included in Part II of the full version of the standard. On 6 May 2014, the OECD Declaration on automatic exchange of information in tax matters was approved by the 34 Member States and several third countries. More than 65 jurisdictions have publicly committed to implementing them, with more than 40 committing to a specific and ambitious timetable that will culminate in the first automatic exchange of information in 2017 (Early Adopters). Information on money laundering – Amendments adopted On 24 January 2018, the Committee on Economic and Monetary Affairs (ECON) held an exchange of views with the former and upcoming Presidents of the Council (ECOFIN). The briefing document highlights the results achieved under the Estonian Presidency and the objectives to be achieved under the Bulgarian Presidency. Automatic exchange of information agreements are concluded between the United Kingdom and other countries. They allow information to be exchanged between tax authorities in different countries on financial accounts and investments in order to put an end to tax evasion. For more information, please see the Tribunal`s press release (PDF 175 KB). In August 2015, the first edition of the CRS Implementation Manual was published, which provides practical guidance to help government officials implement the standard. It defines the steps required to implement the standard and helps improve the effectiveness of financial institutions and governments implementing the standard by encouraging the consistent use of voluntary provisions, identifying areas of alignment with FATCA, and addressing operational and temporary challenges arising from the phased implementation of the standard. It also contains answers to frequently asked questions (FAQs) received by businesses and governments to promote consistent implementation of the standard. The manual is supposed to be a living document and is regularly updated.

On 15 December 2017, the Customs and Tax Authority published a binding response to the tax classification of an Irish Common Contractual Fund (FCC). The tax authority concluded that under Danish tax law, an Irish CCF should be considered a transparent vehicle and that the profits should be attributed directly to investors, whether or not they had actually been distributed. Nevertheless, investors may, where appropriate, benefit from contractual advantages. On 23 January 2018, the OECD announced a new pilot programme for the Multilateral Risk Assessment of Large Multinationals (MNE). The International Compliance Assurance Program (ICAP) is a pilot project for a voluntary program using national reports and other information to facilitate cooperative multilateral engagement between multinationals and tax administrations. The aim is to create tax security and security for taxpayers and tax administrations. On 15 January 2018, Panama signed the CRS Multilateral Competent Authority Agreement (CRS MCAA) introducing the automatic exchange of information in tax matters. Therefore, Panama agreed to introduce the automatic exchange of financial account information in accordance with the OECD/G20 Common Reporting Standard and committed to provide the information by September 2018. . .