How countries are preparing for automatic exchange of financial information?

2015-11-30 16:45
Tax news

Many countries all over the world will start apply Standard on Automatic Exchange of Information in Tax Matters since 2017. 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. The UK government has issued regulations allowing it to automatically exchange bank account information with other jurisdictions under its various international agreements in  one act -International Tax Compliance Regulations 2015.  Swiss said banks are working on the practical implementation of the Common Reporting Standard through large-scale projects. Legal basis need to be put in place for Swiss banks to exchange tax-relevant information and in this regard, the Swiss Federal Council has submitted the dispatch for implementing AEOI framework to the Parliament in June. You can also read full article in Lithuanian here.

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