EU leads way in move to single global standard for automatic exchange of information
Following the announcement on 9 April by HM Treasury that the UK will develop a multilateral tax information exchange agreement with Germany, France, Italy and Spain (G5) based on the intergovernmental agreements entered into under the US Foreign Account Tax Compliance Act (FATCA), a total of 17 EU nations have now announced their intention to engage in the development of ‘a single global standard for automatic exchange of information covering a wide scope of income and entities’.
The development of a common global standard to facilitate this exchange is welcome. Financial Institutions (FI) currently face the requirement to configure multiple reporting formats and timescales to accommodate various reporting regimes. As yet, no indication has been given to the timeframe for introducing these new standards.
These nations are also inviting the remaining EU countries to join their commitment, which will increase the pressure on those countries (such as Austria) to move away from historic principles of banking secrecy…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The Australian Taxation Office released a draft ruling on the Goods and Services Tax treatment of bitcoin transactions on 20 August 2014.
DLA Piper’s ‘Life sciences: patent extension strategies and antitrust global update’ video covers global antitrust and competition issues including product hopping and reverse payment patents.
Analysis from The Lawyer
Cross-border work and political tensions are dominating this year’s entries for Finance Team of the Year at The Lawyer Awards.
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work