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European Commission

May 2020: International Tax Planning Review

Aggressive tax planning: the European Commission gives recommendations to six Member States The European Commission has issued recommendations to the EU Member States, six of which have been advised to enhance countering ‘aggressive’ tax planning.     The aggressive tax planning holds an intermediate position between allowable tax planning and tax evasion (and cannot be equated

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Automatic exchange statistics as of June 2019

Automatic exchange statistics as of June 2019

Organisation for Economic Co-operation and Development (OECD) has published Secretary-General Report to the G20 Finance Ministers and Central Bank Governors as of June 2019 which, amongst other matters, contains statistic data of the process of automatic exchange of  information on financial accounts. The mentioned report has been presented on the G20 Finance Ministers and Central

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New OECD and FATF Member States

New OECD and FATF Member States

Two new countries have joined the Organization for Economic Cooperation and Development (OECD) and Financial Action Task Force (FATF) – the important international economic organizations – in 2018. On 5 June 2018 Lithuania has become a full OECD member state, having implemented on the national level the steps necessary for accession to the organization. Earlier

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The first results of automatic exchange 2018

The first results of automatic exchange 2018

The Organization for Economic Cooperation and Development (OECD) has announced the interim results of implementation of automatic exchange of financial account information in 2018. The automatic exchange is carried out annually in unified electronic format between tax authorities of the countries participating in Multilateral Competent Authority Agreement (MCAA) under the Common Reporting Standard (CRS). The

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Automatic exchange and citizenship by investment programs

Automatic exchange and citizenship by investment programs

16 October 2018 the Organisation of Economic Co-operation and Development (OECD) has published a list of jurisdictions that provide citizenship, residence and special types visas to foreign individuals by investment in its economy, that potentially may be used for avoidance of automatic exchange of information about financial accounts of taxpayers (automatic exchange) at OECD’s opinion.

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The new edition of the OECD Model Tax Convention

The new edition of the OECD Model Tax Convention

The Organization for Economic Cooperation and Development (OECD) has published the new edition of the Model Convention with respect to taxes on income and on capital – the document used as a basis for development and signing of bilateral agreements for avoidance of double taxation between states. The comprehensive Commentaries with which the Convention is

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Switzerland ratifies the Convention on Mutual Administrative Assistance in Tax Matters

On 26 September 2016 Switzerland deposited the instrument of ratification of the multilateral Convention on Mutual Administrative Assistance in Tax Matters (amended by the Protocol of 2010) under which the country has taken commitments for exchange of tax information, assistance in recovery of tax claims, performing simultaneous tax examinations and service of documents. Thereby Switzerland

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Panama to join the OECD Convention on tax matters

The Republic of Panama declared on July 15, 2016 its intention to sign the Convention on mutual administrative assistance in tax matters. It means that another popular offshore jurisdiction is close to joining the emerging global tax information exchange system. It is known that Panama for a long time has been demonstrating very “conservative” policy

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Latvia is officially invited to join OECD

On May 11, 2016 the member countries of Organization for Economic Cooperation and Development (OECD) agreed to invite Latvia to become a member of the Organization. As a result, the number of OECD’s members will extend to 35 countries. OECD Secretary-General, Angel Gurría said that this event “reaffirms our Organization’s commitment to bring together countries

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