Bahrain, Lebanon, Nauru, Panama and Vanuatu have now committed to the international standard of automatic exchange of financial account information to tackle tax evasion and avoidance
From Offshore Bankers The OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes announced today that Bahrain, Lebanon, Nauru, Panama and Vanuatu have now committed to share financial account information automatically with other countries. With…
The fight against money laundering and tax evasion must be truly international, argues the IFC Forum
The publication of the Panama Papers has raised serious questions about global compliance with international regulatory standards, and it is apparent that some jurisdictions have fallen markedly behind in the global efforts to combat money laundering and tax evasion. By…
OECD Releases Tax Statistics For Latin America, Caribbean
By Mike Godfrey, From Tax-News.com, Washington Tax revenues in Latin American and Caribbean countries rose slightly in 2014, despite a slowdown in economic growth, according to a report from the Organisation for Economic Cooperation and Development. The average ratio of…
Would the real tax havens please stand
By Sir Ronald Sanders From Curacao Chronicle “It is tantamount to an economic blockade”. That’s how Antigua and Barbuda’s Prime Minister, Gaston Browne, described the current withdrawal from Caribbean indigenous and offshore banks of correspondent relationships by US banks. His…
Common Reporting Standard must include all major financial centres to be effective, warns the IFC Forum
The global tax compliance landscape has significantly evolved in recent years as governments, international bodies and financial institutions have come together to share information to tackle cross-border tax evasion. Most recently, the OECD launched the Common Reporting Standard (CRS) to…
America is enabling tax evasion
From Cayman Finance The combination of increasing inequality and anemic economic growth has thrown a political spotlight on tax havens. Research has shown that governments are losing at least $200 billion in potential tax dollars every year because of them….
China takes important step to boost international co-operation against tax evasion
From Offshore News Flash Credit: OECD 16/12/2015 – Today the People’s Republic of China became the 77th jurisdiction to sign the Multilateral Competent Authority Agreement (MCAA), which allows it to move forward with plans to activate automatic exchange of financial…
The Editor Speaks: The end of secrecy?
On November 24th 2014 The Tax Justice Network issued a 64 page “Final Report” – “The end of bank secrecy”? Bridging the gap to effective automatic information exchange. An Evaluation of OECD’s Common Reporting Standard (CRS) and its alternatives. It…
Common rules (not rates) should be the answer to tax competition in the EU
By Peter Dietsch From Social Europe Tax avoidance is a key problem for European countries, with the EU taking several steps to try and limit the ability of businesses to shift their profits to low-tax jurisdictions. Peter Dietsch writes on…
OECD publishes guidance on international standard for automatic exchange of tax information
From Out-Law.com A ‘handbook’ giving guidance on the new global standard for automatic exchange of financial account information and a guide to designing an offshore tax disclosure programme have been published by the Organisation for Economic Cooperation and Development (OECD)….