Moritz Cassani

Moritz Cassani

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Voluntary Disclosures Argentina: Approval of the “Plan”

As a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes, Argentina is participating in the Automatic Exchange of Information (AEOI), which will enter into force in 2017. To regularize unreported assets, Argentina is launching a voluntary disclosure program of unreported assets located within Argentina and abroad, called “Plan” (sistema voluntario y excepcional de declaracion de tenencia de moneda nacional, extranjera y demas bienes en el pais y en el exterior, llamado “Plan”).

The Argentine Congress approved the “Plan” on June 29, 2016. The next step is the promulgation by the Executive Branch to be legally valid.

The application period will be from the date of the promulgation until March 31, 2017. Costs of regularization, which will be paid to the tax authority, are dependent on the date of report: They will vary from 0% to 15% of the asset´s value.

Voluntary Disclosures international: Current developments

Luxembourg: Tightening of the regulations for Voluntary Disclosures from 1 January 2016

The regulations for Voluntary Disclosures in Luxembourg are to be tightened from 1 January 2016. A draft bill is accordingly available, which envisages a Voluntary Disclosure (or “repentir actif”) to avoid punishment up to and including 31 December 2015. From 1 January 2016 further penalty payments must be paid in addition to the due tax debts. According to the draft bill the monetary amount which is to be paid is 10 % of the evaded taxes. For Voluntary Disclosures, which are submitted from 1 January 2017, the payment of a monetary amount is envisaged in the amount of 20 % of the evaded taxes.

Russia: Extension of the Voluntary Disclosure programme until 30 June 2016

According to media reports the law governing the capital amnesty in Russia was extended until 30 June 2016. Under certain pre-requisites a Voluntary Disclosure to avoid punishment is accordingly possible.However, it has not been determined yet whether a repayment of the non-declared foreign assets or offshore companies to Russia will be necessary over the course of a Voluntary Disclosure.

Swiss Federal Tax Administration supplied data to Dutch tax authorities owing to a group enquiry

According to media reports the Swiss Federal Tax Administration (ESTV) supplied data to the Dutch tax authorities owing to a group enquiry. Switzerland looked into the group enquiry of the Netherlands of 23 July 2015. It was not possible to supply the requested data after the deadline for an appeal for the clients concerned has expired.

The wording of the group enquiry was published in the Swiss Bundesblatt [federal gazette]: LINK TO THE WORDING

It remains to be seen which implications this development will have for Germany. In any case there is now for the first time a pre-formulated example of an admissible group enquiry to Switzerland.

New regulations for the combatting of money laundering as of 1 January 2016 in Switzerland

As of 1 January 2016 new regulations came into force in Switzerland for the combatting of money laundering. The international standards for the combatting of money laundering (Anti Money Laundering, AML) are accordingly implemented. Among others, stricter duties of care are to be complied with. Since 1 January 2016 tax fraud is deemed as a predicate offence to money laundering if the evaded taxes exceed an amount of CHF 300,000.00 per tax period. In case of a suspicion of such a criminal offence, financial intermediaries, in particular banks, have to report the customer concerned to the responsible money laundering authority immediately. Further investigations against bank employees in Switzerland owing to aiding and abetting tax evasion According to various media reports German criminal prosecution authorities have initiated further investigations against employees of the Swiss branch of a major international bank. The investigations refer to a possible punishability owing to aiding and abetting tax evasion.