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Disclosure of the Secret of Foreign Bank Accounts at the International Level

2015-06-25 12:00
Tax news

Many countries all over the world will start apply Standard on Automatic Exchange of Information in Tax Matters since 2017. OECD at the moment has 34 member states and initiates this automatic information exchange. Lithuania does not belong to this organization, but negotiations on Lithuania’s membership are underway. So far, it is unlikely that Lithuania will become a member in very near future. It should be noted that residents of Norway, Sweden should start take care of tax planning as bilateral Tax Information Exchange Agreements are already written between Norway, Sweden and most popular offshore jurisdictions such as, The Bahamas, Belize, Cayman Islands, Cyprus and others. It should be noted too, that at the moment of automatic exchange of information will be transferred data about financial account, including balances, interest, dividends, and sales proceeds from financial assets, reported to governments by financial institutions and covering accounts held by individuals and entities, including trusts and foundations. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions.

Full article by Laimonas Marcinkevicius about automatic exchange of information in Lithuanian language you can find here

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