Switzerland stops information exchange with Bulgaria
Following data leak of Bulgarian and foreign taxpayers’ financial account details
Following data leak of Bulgarian and foreign taxpayers’ financial account details
After signing agreement at the end of August 2019
Switzerland will start automatically exchanging financial account information with Singapore and Hong Kong from Autumn 2019 and with other financial centres from 2020.
The intrusive Common Reporting Standard will only be curbed if someone is prepared to sacrifice their own privacy in a test case to assert the right to privacy for everyone, according to a partner at British law firm Mishcon de Reya.
Officials in Zurich reported a three-fold rise in the number of tax evaders voluntarily turning themselves in during 2017, as international regulations requiring Swiss banks to share details of offshore clients takes effect.
The lower house of the Swiss parliament has rejected automatic exchange of information (AEOI) agreements with New Zealand and Saudi Arabia but has given the green light to ratify deals with 39 other nations.
The Dubai International Financial Centre is preparing new laws to implement the Common Reporting Standard (CRS), and to reform its rules surrounding trusts and foundations.
Hong Kong has agreed to an automatic exchange of information with South Africa and Portugal amid mounting pressure from the OECD and the European Union.
Panama is planning to take action against those accusing it of being a tax haven, as the country continues its efforts to draw a line under the Panama Papers data leak that saw millions of documents stolen from law firm Mossack Fonseca.
Switzerland has signed joint declarations on the automatic exchange of information (AEOI), described as “FATCA on steroids”, with Jersey, Guernsey, and the Isle of Man.
Governments and tax partners need to work to ensure confidentiality is protected when new international tax transparency rules come into force in 2017, according to OECD director, Pascal Saint-Amans.