Jersey is running a voluntary disclosure scheme giving islanders the opportunity to tell the taxman if they have made a mistake or failed to declare income without having to pay extra penalties, ahead of tougher sanctions that may be brought in next year.
HM Revenue & Customs must issue one final amnesty for tax evaders to come clean about their financial affairs as part of a “concerted attack”, a leading tax firm expert has said.
A lot more financial institutions could find themselves caught by the Common Reporting Standard (CRS) requirements despite being exempt from Fatca reporting, Allan Wilkinson, associate director of chartered accountancy firm Buzzacott, has warned.
Details of bank accounts belonging to more than 315,000 Canadian residents were shared with the US Internal Revenue Service (IRS) in 2016 under the Fatca agreement, more the double the previous year.
Opportunity knocks for financial advisers in 2017 as political, economic and regulatory turmoil leaves clients adrift in unknown territory and seeking advice, says Rachael Griffin, head of product law and financial planning at Old Mutual International.
The United States will become the last global tax haven as the Common Reporting Standard (CRS) comes into force, making a repeal of Fatca very unlikely, says Nuri Katz, chief executive and founder of Apex Capital Partners.
Account holders in Singapore have been told by the taxman to fully cooperate with their financial institutions as they determine the tax residency status of their clients under the Common Reporting Standard (CRS).
Expats in the UAE have been advised that banks and other financial institutions will be contacting some of their customers to collect information about their tax status in early 2017, reports local newspaper Gulf News.
A great number of people are eligible under the South African government’s special voluntary disclosure programme, but not everyone is.
Singapore’s Ministry of Finance (MOF) has opened a public consultation on the automatic exchange of information (AEOI) in tax matters, known as the Common Reporting Standard.
Britain, Germany, France, Italy and Spain have signed a deal to automatically share information on the ultimate owners of companies in the latest move to tackle the growing use of international financial centers to dodge taxes.
The international community should call time on all remaining nations who have yet to implement internationally agreed tax transparency standards, OECD secretary-general Angel Gurría said on Thursday in a new report to the G20.
