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.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
What you think you know about data privacy in Australia and overseas may just be wrong. This ‘top 10’ fact sheet dispels some common misconceptions about privacy.
DLA Piper’s Legal Notebook for December 2013 presents recent cases, headline issues and new legislation.
Analysis from The Lawyer
The Lawyer’s latest Top 50 litigation firms list shows that business for dispute specialists is roaring along while new in-depth detail reveals the winning strategies
Our list of the summer’s big deals shows how London law firms kept busy with work from Asia as well as more familiar sources