OECD taking further steps to end offshore tax evasion!!

[mert]

07/08/2015 – The OECD today releases three new reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information.

07/08/2015 – The OECD today releases three new reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information.

• Common Reporting Standard Implementation Handbook (the CRS Handbook): this first edition provides practical guidance to assist government officials and financial institutions in the implementation of the Standard. It sets out the necessary steps for implementation and will help financial institutions and governments implement the Standard more efficiently by promoting the consistent use of optional provisions, identifying areas for alignment with FATCA and addressing the operational and transitional challenges resulting from the staggered implementation of the Standard. It also contains answers to frequently asked questions (FAQs) received from business and governments, with a view to furthering the effective implementation of the Standard. The Handbook is intended to be a “living” document and will be updated on a regular basis.
  

• Offshore Voluntary Disclosure Programmes: this second edition contains a wealth of practical experience from 47 countries in relation to their voluntary disclosure programmes. The guidance on the design and implementation of such programmes has been updated, particularly taking into account the views of private client advisers. The limited time left until the automatic exchange of information under the Standard becomes a reality will in many instances be the last window of opportunity for non-compliant taxpayers to voluntarily disclose. This is therefore a crucial moment to update the publication and reflects OECD policy of encouraging countries to examine voluntary compliance strategies that enable non-compliant taxpayers to come forward.
  

• Model Protocol to the Tax Information Exchange Agreements (TIEAs): this report provides the basis for jurisdictions wishing to extend the scope of their existing TIEAs to also cover the automatic and/or spontaneous exchange of tax information.
  

The Standard calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. Over 90 jurisdictions have committed to implement the Standard, with the first exchanges starting in 2017/2018, subject to the completion of necessary legislative procedures.


For more information on the Standard, please visit More...


Queries on the reports should be directed to Grace Perez Navarro, Deputy Director of the OECD Centre for Tax Policy and Administration (CTPA), or Achim Pross, Head of the CTPA International Co-operation and Tax Administration Division.


source: http://www.oecd.org/tax/the-oecd-takes-further-steps-to-putting-an-end-to-offshore-tax-evasion.htm

 

[JohnSeed]

Thank you for sharing but what exactly have they done to increase the potential to stop tax evasion in offshore jurisdictions?

 

[cosmo]

You may read a little more on the links provided in the post. It's awesome information even if it is bad for our business.

 

[blowfish]

Everyone should make a note about the steps OECD is taking and all the other western countries to kill offshore jurisdictions and tax havens! It is important to follow every step they take to get rid of tax evasion and killing peoples anonymity and privacy! Switzerland will start from 2018 to auto exchange information of their customers with all countries. If you have a swiss bank account it is time to switch ASAP!

 

[seat-my-business]

Does it comes to an surprise for anyone any longer?!!

 

[bonox]

07/08/2015 The OECD today releases three new reports to help jurisdictions and financial institutions implement the global Standard for automatic exchange of financial account information.

• Common Reporting Standard Implementation Handbook (the CRS Handbook): this first edition provides practical guidance to assist government officials and financial institutions in the implementation of the Standard. It sets out the necessary steps for implementation and will help financial institutions and governments implement the Standard more efficiently by promoting the consistent use of optional provisions, identifying areas for alignment with FATCA and addressing the operational and transitional challenges resulting from the staggered implementation of the Standard. It also contains answers to frequently asked questions (FAQs) received from business and governments, with a view to furthering the effective implementation of the Standard. The Handbook is intended to be a living document and will be updated on a regular basis.
  

• Offshore Voluntary Disclosure Programmes: this second edition contains a wealth of practical experience from 47 countries in relation to their voluntary disclosure programmes. The guidance on the design and implementation of such programmes has been updated, particularly taking into account the views of private client advisers. The limited time left until the automatic exchange of information under the Standard becomes a reality will in many instances be the last window of opportunity for non-compliant taxpayers to voluntarily disclose. This is therefore a crucial moment to update the publication and reflects OECD policy of encouraging countries to examine voluntary compliance strategies that enable non-compliant taxpayers to come forward.
  

• Model Protocol to the Tax Information Exchange Agreements (TIEAs): this report provides the basis for jurisdictions wishing to extend the scope of their existing TIEAs to also cover the automatic and/or spontaneous exchange of tax information.
  

The Standard calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. Over 90 jurisdictions have committed to implement the Standard, with the first exchanges starting in 2017/2018, subject to the completion of necessary legislative procedures.


For more information on the Standard, please visit Achim Pross


Queries on the reports should be directed to Grace Perez Navarro, Deputy Director of the OECD Centre for Tax Policy and Administration (CTPA), or Achim Pross, Head of the CTPA International Co-operation and Tax Administration Division.


source: http://www.oecd.org/tax/the-oecd-takes-further-steps-to-putting-an-end-to-offshore-tax-evasion.htm

thanks for sharing OP. Good reading nothing new

 

[lavel]

Thank you for sharing, great information, check all the links, if you only read what is published here you will miss a lot of important information!

 

[happyjohn]

Yeah, thank you for sharing OP, keep up the good Work

 

[JohnSeed]

Does it comes to an surprise for anyone any longer?!!

It does not come to anyones suprise I guess however, the fact that this oragnisation makes it more and more complicated for anyone to keep their privacy makes me harm

 

[seat-my-business]

It does not come to anyones suprise I guess however, the fact that this oragnisation makes it more and more complicated for anyone to keep their privacy makes me harm

Indeed but still s**t!

 

[Annabell]

DAMN OECD and their regulations. I start believing this is some sort of government body covering all the richest interest. If the small or middle man get caught in tax evasion the BIG HAMMER hit him if the richest people in the world do tax evading jumps they never hear anything.

 

[vitomerchant]

when do you think this comes fully into play?

 

[alley]

Thanks for sharing. Do you know if this came into force last year?

 

[Sam anderson]

Stop tax evasion.. Can it really be done?

 

[johnskywalker]

I think its not totally tax evasion, as far as my knowledge goes, having an offshore accounts just lessen the tax amount you need to pay. Of course you should pay Tax but I don't think that you need to pay HIGH tax since most of the time the TAX money is just wasted by the government.