Exchange of tax information to another country

[Mike Forman]

This is a post to inform some of our experience with what information another countey can request to any country and what information they receive.

The answer is quite short : the requesting country receives almost all information such as :

- UBO
- directors in the past 7 years with their address
- if it's a nominee director and it's know they also report this
- profit loss of that company
- addresses
- any related companies they know of
- tax paid (if offshore they will report that)
- number and names of employees
- assets
- employee taxes paid
- rental contract and owner of the office
- any other information such as bank statements, invoices etc specifically requested by that country related to certain business up to 7 years

Most countries are a member of OECD and will fulfill any request of exchange for information as they are required to.

This even counts for a company that has been dissolved. When you are required to keep your accounting records, ubo register at a specific location or annual audit reports are required, they will have this information at hand and even you refuse to give some information will exchange this.

In our case this is information requested to the Hong Kong authorities who are normally considered as being not so cooperative.

So be aware of this, it's easier to obtain all this information by any country as we had believed. Welcome to the world leaded by invasive tax authorities

 

[jafo]

This is a post to inform some of our experience with what information another countey can request to any country and what information they receive.

The answer is quite short : the requesting country receives almost all information such as :

- UBO
- directors in the past 7 years with their address
- if it's a nominee director and it's know they also report this
- profit loss of that company
- addresses
- any related companies they know of
- tax paid (if offshore they will report that)
- number and names of employees
- assets
- employee taxes paid
- rental contract and owner of the office
- any other information such as bank statements, invoices etc specifically requested by that country related to certain business up to 7 years

Most countries are a member of OECD and will fulfill any request of exchange for information as they are required to.

This even counts for a company that has been dissolved. When you are required to keep your accounting records, ubo register at a specific location or annual audit reports are required, they will have this information at hand and even you refuse to give some information will exchange this.

In our case this is information requested to the Hong Kong authorities who are normally considered as being not so cooperative.

So be aware of this, it's easier to obtain all this information by any country as we had believed. Welcome to the world leaded by invasive tax authorities

The only information I personally have on myself is UBO, which is me.

So, my question is this: Which government would ask for this? The gov. of the country one is living in? Where one files taxes? Where one is registered?

 

[Forester]

So, my question is this: Which government would ask for this? The gov. of the country one is living in? Where one files taxes? Where one is registered?

As the question concerns (if I understand well) not an automatic reporting but the reporting on demand, the answer must sound: Any of three above stated can ask. And, if the institutions from the respective country – most frequently taxmen and LEOs – have some grounds for, they will ask. Nevertheless, the important point is that the taxmen (e.g.) must know where to ask; and they can learn it either from automatic reporting, or from another indicia, like running payment operations to/from another country etc...