106th Jurisdiction Joins Multilateral Convention on Mutual Administrative Assistance in Tax Matters

October 28, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The Cook Islands have signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. The Convention, signed today, together with the [Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information](http://www.oecd.org/tax/automatic-exchange/international-framework-for-the-crs/?utm_source=Adestra&utm_medium=email&utm_content=Multilateral%20Competent%20Authority%20Agreement&utm_campaign=Tax%20News%20Alert%2028-10-2016&utm_term=demo) which the Cook Islands signed in October 2015, will enable the jurisdiction to fulfil its commitment to begin the first of such … Read More

Panama Signs Multilateral Convention on Mutual Administrative Assistance in Tax Matters

October 27, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD announced today that Panama has become the 105th jurisdiction to join the world’s leading instrument for boosting transparency and combating cross-border tax evasion. This it did by signing the [Multilateral Convention on Mutual Administrative Assistance in Tax Matters](http://www.oecd.org/ctp/exchange-of-tax-information/convention-on-mutual-administrative-assistance-in-tax-matters.htm?utm_source=Adestra&utm_medium=email&utm_content=Multilateral%20Convention%20on%20Mutual%20Administrative%20Assistance%20in%20Tax%20Matters&utm_campaign=Tax%20News%20Alert%2027-10-2016&utm_term=demo). During the signing ceremony today, OECD Secretary-General Angel Gurría said *”Panama’s decision to sign the … Read More

Towards Enhanced Transparency in International Tax Matters

October 21, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD announced today that five new jurisdictions have signed the tax co-operation agreement to enable automatic sharing of country-by-country information. Brazil, Guernsey, Jersey, the Isle of Man and Latvia signed today the Multilateral Competent Authority Agreement (MCAA) for the automatic exchange of Country-by-Country reports. This brings the total number of signatories to 49, and … Read More

Global Review of Mutual Agreement Procedure (MAP) Programmes Under BEPS

October 20, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD has released key documents that will form the basis of the MAP peer review and monitoring process under Action 14 of the [Base Erosion and Profit Sharing (BEPS) Action Plan](http://www.oecd.org/tax/beps/action-plan-on-base-erosion-and-profit-shifting-9789264202719-en.htm). The Action Plan identified 15 actions to address BEPS in a comprehensive manner. According to the OECD: *”Taxation is at the core of … Read More

Automatic Exchange of Information Between Tax Authorities

October 20, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The OECD has announced that the first series of bilateral automatic exchange relationships has been established among the first batch of jurisdictions committed to exchanging information automatically as of 2017. Reportedly, there are now more than 1,000 bilateral relationships in place across the globe, most of them based on the Multilateral Competent Authority Agreement on … Read More

EU Council Conclusions on Tax Transparency

October 11, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The European Council has [adopted conclusions](http://www.consilium.europa.eu/en/press/press-releases/2016/10/11-ecofin-conclusions-tax-transparency/) in response to a Commission communication on tax transparency. The conclusions highlight the continued need to prevent the large-scale concealment of funds, which hinders efforts to clamp down on tax evasion, money laundering and terrorist financing. In its [July 2016 communication](http://data.consilium.europa.eu/doc/document/ST-10977-2016-INIT/en/pdf), the Commission had recommended a coordinated approach to … Read More

EU Approves Monaco Taxation Agreement

October 11, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The European Council has approved the conclusion of an agreement with Monaco that will improve tax compliance by private savers. The agreement requires EU member states and Monaco to exchange information automatically as a means of helping to prevent tax evasion. It will give their tax administrations improved cross-border access to information on the financial … Read More

FATF Report to G20 Finance Ministers and Central Bank Governors

October 7, 2016By @BahamasFSBAML, Industry News, International Issues, Tax Co-operation

The Financial Action Task Force (FATF) has published its report to G20 Finance Ministers and Central Bank Governors which sets out its on-going work to improve the implementation of international standards on transparency, including on the availability and exchange of beneficial ownership information, to prevent the misuse of companies, trusts, and other corporate vehicles. Improving … Read More

Switzerland Ratifies Multilateral Convention on Administrative Assistance

September 26, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

Switzerland today deposited the instruments of ratification for the Multilateral Convention on Mutual Administrative Assistance in Tax Matters with the OECD in Paris. A [release](https://www.admin.ch/gov/en/start/documentation/media-releases.msg-id-63924.html) from the Swiss Federal Council said Switzerland is fleshing out its commitment to implementing international standards in the area of taxation. The OECD and Council of Europe convention provides a … Read More

Common EU List of Non-Cooperative Tax Jurisdictions

September 15, 2016By @BahamasFSBIndustry News, International Issues, Tax Co-operation

The European Commission is forging ahead with work to draw up a first common EU list of non-cooperative tax jurisdictions by presenting a pre-assessment (‘scoreboard of indicators’) of all third countries according to key indicators. A release from the EC today says that its Member States must now *”choose which countries should be screened more … Read More