Automatic Exchange Of Information Agreements

As of July 1, 2017, NZSI reporting is not subject to due diligence, mandatory information collection and annual notification of this information. Automatic exchange of information may have different legal bases. These include Australia`s bilateral tax treaties or the Tax Mutual Assistance Convention (the convention). It is a multilateral agreement aimed at facilitating international cooperation between tax authorities, improving their ability to combat tax evasion and evasion, and ensuring the full implementation of their national tax legislation, while respecting the fundamental rights of taxpayers. The Convention provides for all forms of administrative cooperation and provides for strict rules on confidentiality and the correct use of information. Australia signed the amended agreement in 2011. Similarly, for accounts in place at the time of the start of the IRS, the general obligation is that financial institutions be required to use the information they have to determine whether the account holder`s information should be reported, unless it is cured by the account holder. If the person is in turn established in a different jurisdiction, the details of the account must be communicated to the ATO, whether or not that jurisdiction is accepted by the IRS. We will exchange this information with other legal systems once they have adopted the IRS and an exchange agreement is in effect, either under the MCAA or as part of a bilateral agreement and agreement.

Switzerland has always been standardised by international tax standards. This means that it meets the OECD standard and has so far provided information on requests to foreign tax authorities for foreign taxpayers` accounts. In the case of the AIA, information relating to the bank account and deposit account is automatically transmitted annually to the tax authorities of the participating countries. Therefore, the confidentiality of bank customers cannot be diverted by foreign customers for the purpose of tax evasion in the country of residence. Bank customer information also remains well protected with the introduction of the AIA, as tax authorities are linked to data protection and the specialty principle (see above). In addition, bank secrecy is kept as a professional secret. This means that Swiss banks must continue to maintain the confidentiality of their customers and their bank and deposit accounts. Privacy remains an important issue for Swiss banks. For more information on privacy, click here. Cooperation between tax administrations is essential to combat tax evasion and protect the integrity of tax systems. The exchange of information is an important aspect of this cooperation.

Agreement between the European Union and the Principality of Liechtenstein on the automatic exchange of financial account information to improve international tax compliance On 6 September 2013, G20 leaders pledged to automatically exchange information as a new global standard and fully supported the OECD`s work with the G20 countries to present a single global standard in 2014. In February 2014, G20 finance ministers and central bank governors approved the IRS as a mechanism for the automatic exchange of tax information between several countries. FATCA`s rules allow RFI to authorize or consider one of the elections through the FATCA agreement. The FATCA agreement allows Australia to allow RFI to apply alternative definitions and alternative methods to those defined in the agreement. Therefore, an AFI can use the definitions in the United States.