Automatic Exchange of Information

Letzte Beiträge zum Thema Automatic Exchange of Information

  1. UPDATE – VDP II BRA
  2. VDP Brazil II
  3. Spanish tax evaders under attack: request for assistance by the Spanish tax administration with the Swiss tax administration
  4. Turkey: Tax amnesty for Turkish residents entered into force
  5. Argentine voluntary disclosure program/tax amnesty running
  6. Panama intends the accession to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters
  7. Voluntary Disclosure India – New Circular of the Indian Ministry of Finance
  8. Indonesia launches a temporary Voluntary Disclosure Program
  9. Voluntary Disclosures Argentina: Approval of the “Plan”

UPDATE – VDP II BRA

The law 13.428 regulating the second Voluntary Disclosure Program (RERCT) was enacted on March 30, 2017. As a result of the law the Federal Tax Authority of Brazil published the Normative Instruction 1.704 on April 3, 2017.

Leaning on the first RERCT it reopened the VDP at the date of the publishing of the Normative Instruction 1.704 and applications can be made until July 31, 2017. The total costs of the regularization are around 35% of the assets value on June 30, 2016.

VDP Brazil II

After the first voluntary disclosure program in Brazil, which has ended on October 31, 2016, the Senate approved on November 9, 2016 a second voluntary program. The draft has not yet been approved by the Chamber of Deputies.

Basis of RERCT N°2 is the recent temporary program. It reopens February 1, 2017. The deadline is set 120 days after the opening (June 30, 2017). The decisive day for the value of the assets is June 30, 2016. The taxes are set at 17.5% and a penalty of 100% of the taxes has to be paid. The total costs of the regularization are 35% of the assets value on June 30, 2016. This is a higher rate than the 30%-rate of the first voluntary disclosure program in 2016.

 

Spanish tax evaders under attack: request for assistance by the Spanish tax administration with the Swiss tax administration

According to a message on the website of a leading Swiss universal bank the Spanish tax administration has requested administrative assistance with the Swiss Federal Tax Administration (SFTA). Presumably, the Spanish tax administration issued a so called group request. That is, the tax administration wants information about clients who can be identified by other means than the indication of the name and the address of the client.
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Turkey: Tax amnesty for Turkish residents entered into force

With the promulgation of the Law No. 6736 in the Official Gazette of Turkey on August, 19, 2016 expected Turkish tax amnesty/Voluntary Disclosure Program has entered into force.

The program provides amnesty from various tax and other penalties for persons whom did not report their assets located outside Turkey (cash, gold, securities, other capital market instruments), if the conditions of the program are met. To benefit from the amnesty, taxpayers have to repatriate their assets into Turkey following to the declaration. The program closes on Dezember 31, 2016.

For further information to the program please refer to our VDP Country Fact Sheet for Turkey.

Argentine voluntary disclosure program/tax amnesty running

With the promulgation of the Law  27.260 (Ley 27.260) in the Official Gazette of Argentina a temporary voluntary disclosure program/tax amnesty has been launched.

Applications have to be submitted to the Argentine tax administration Administración Federal de Ingresos Públicos(AFIP) by March 31, 2017. The program takes on its significance against the background of the introduction of the Automatic Exchange of Information (AEOI) which has already started for 54 of the 101 participating jurisdictions. The Argentine tax administration will receive in 2017 automatically tax relevant data about financial accounts collected in 2016. Therefore, the participation in the voluntary disclosure program/tax amnesty could be the last chance for non-compliant taxable persons to come forward and to regularize the past.

As regards the details of the program please refer to our updated VDP Country Fact Sheet for Argentina.

Panama intends the accession to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters

Last Friday, in a press release issued by the foreign ministry of Panama the Central American state expressed the interest to join the Multilateral Convention on Mutual Administrative Assistance in Tax Matters of the OECD as well as of the Council of Europe. Based on that convention, tax-relevant information can be exchanged with other states. However, Panama does not intend to sign the Multilateral Competent Authority Agreement (MCAA) which constitutes a basis of the Automatic Exchange of Financial Account Information (AEOI). Instead, Panama follows the bilateral approach. That is, Panama will conclude agreements with other jurisdictions taking part in the AEOI. The AEOI has already started for 55 of the 101 jurisdictions committed to the AEOI, the remaining 46 jurisdictions, including Panama, will collect tax-relevant data as from January 1, 2017. Panama will supply data concerning the year 2017 in 2018 . The time for non-tax compliant persons is running.

Voluntary Disclosure India – New Circular of the Indian Ministry of Finance

On July 14, 2016, the Indian Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (TPL Division) has issued Circular No. 27 of 2016. The Circular contains clarifications on the Income Declaration Scheme, 2016 (IDS, also called “Scheme”). The Scheme allows Indian taxable persons to come forward and to regularize income not declared correctly in the past. The voluntary disclosure program has started on June 1, 2016  and runs by September 30, 2016. You find more information about the program and the legal basis in our VDP Country Fact Sheet section.

India has committed to the Automatic Exchange of Information (AEoI)/Common Reporting Standard (CRS) and is an Early Adopter state. That is, in 2017 India will exchange tax relevant account information collected in 2016 with other participating countries. Therefore, the Scheme could be the last chance for the taxable person to become tax-compliant before the tax administration will receive automatically the data.

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.