Companies invested $221 billion into shell companies last year and investment flows to offshore tax havens such as the Cayman Islands and the British Virgin Islands fell somewhat, to $72 billion, according to the United Nations Conference on Trade and Development reported on May 3, 2016.
Tag Archive for CRS
Commentary on the The Panama Papers & The Disclosure of 14,000 Clients’ 214,000 Offshore Companies Files and Assets
A leak of searchable 11.5 million files, that’s 2.6 terabytes of data, from the embattled offshore services provider Mossack Fonseca. Every email, client note, asset and income statement, instruction, communication, .. since 1977! 2.6 terabytes of data, 11.5 million files, is a lot of files and scanned documents to comb through, so this leak is potentially, and probably, more significant than the 2014 ICIJ reported on leak or even the HSBC and UBS’ leaks. Read more
The Australian Taxation Office (ATO) has undertaken its first ever automatic sharing of bank information with the United States (US) Internal Revenue Service (IRS).
Details of over 30,000 financial accounts worth over $5 billion are being provided to the US under the new powers of the US Foreign Account Tax Compliance Act (FATCA).
The information provided on US citizens and tax residents with Australian bank accounts is the first step in a wave of transparency measures being implemented globally by Governments and tax administrations. Beginning in 2017, close to 100 countries will be sharing non-resident data under the OECD Common Reporting Standard (CRS).
In return the ATO will receive data from the IRS about Australians with financial accounts in Read more
47 countries and major financial centers on May 6, 2014 declared am automatic exchange of information between their jurisdictions, announced the OECD. All 34 OECD member countries, as well as Argentina, Brazil, China, Colombia, Costa Rica, India, Indonesia, Latvia, Lithuania, Malaysia, Saudi Arabia, Singapore and South Africa endorsed the Declaration on Automatic Exchange of Information in Tax Matters that was released at the May 6-7, 2014 Meeting of the OECD at a Ministerial Level.
The Declaration commits countries to implement a new single global standard on automatic exchange of information (“GATCA”). The OECD stated that it will deliver a Read more