From Prof. Thomas Pogge: "Intense negotiations are going on at the United Nations about the formulation of the new sustainable development goals (SDGs) and the targets and indicators to be used for specification and measurement. Starting 11 September, the president of the general assembly will host … [Read more...]
Information Exchange
If a person or entity resident in one jurisdiction owns income-generating assets in another jurisdiction, the resident’s tax authorities generally need to know about that asset or income, to assess their tax liabities. So jurisdictions exchange information with each other for tax (and other) purposes under a range of international schemes, agreements and protocols. Many, of course, don’t exchange or even collect that information locally – or they put up obstacles in the way of information exchange.
Historically, the OECD, a club of rich countries that has been mandated by G20 leaders to promote the agenda, has claimed that its very weak “on request” standards for information exchange constitute the “internationally agreed standard” for information exchange. “On request” means that information is only passed over after a clear request is made, specifying the taxpayer concerned and various other bits of information about him or her. In essence, you have to already know what you are looking for before you ask for it.
However, from around 2012 a new consensus started to emerge, strongly supported by the Tax Justice Network and its allies, that the world needs far stronger standards, notably “automatic” information exchange between jurisdiction, on a multilateral basis. Various working examples of automatic information exchange are already up and running: perhaps most notably the EU’s Savings Tax Directive and the U.S. Foreign Account Tax Compliance Act (FATCA.)
This page provides links and news about information exchange. See also our information exchange archive for older stories.
Image credit: Christian Aid, with thanks.
Finally, financial crime begins to embarrass Delaware
In July we wrote a blog entitled Delaware corporate secrecy and crime: a long-awaited debate begins, with some welcome news about shifting attitudes in Delaware about its business of building state revenues by (among other things) welcoming international and U.S. criminal money. Now, an update. … [Read more...]
On why being tough on unproven claims is both smart and right
We always appreciate the opportunity to discuss our research work since constructive criticism allows us to improve and clarify our views. This is the case with a couple of recent blogs by Mick Moore of the International Centre for Tax and Development (ICTD) on 18 July, one entitled “Tax Justice … [Read more...]
New report: developing countries want automatic information exchange
From the International Tax Review: "The Tax Justice Network (TJN) has accused the OECD of not consulting developing countries about the design of the framework for Automatic Information Exchange (AIE), which the G20 has endorsed as the global model for information exchange." Our new report was … [Read more...]
Insurance sector seeking to trick the OECD with giant secrecy loophole?
Update: with Gibraltar / Bermuda shenanigans. Last February the OECD, which has been mandated to set global financial transparency standards, presented a major report on a new global standard for transparency and to fight the scourge of tax evasion. We broadly welcomed the project, but noted … [Read more...]
On the non-perils of information exchange
Update: see TJN writer Nicholas Shaxson's Five Myths about Tax Havens, in the Washington Post, April 2016. Back in 2009 we wrote a long blog looking at tax havens' arguments that if they give up information to countries with poor governance, all sorts of disasters will ensue. We think it's … [Read more...]
Why did the Australian government keep this tax symposium secret? (updated)
May 26: Updated with new details from the Sydney Morning Herald This concerns a meeting in Tokyo, hosted by the Australian Treasury, to discuss the G20's tax agenda. This involves not just the OECD's "BEPS" project to reform the international rules for taxing multinational corporations, but also … [Read more...]
The Offshore Wrapper: a week in tax justice
The Offshore Wrapper is written by George Turner Switzerland-India Dispute Last week we reported that India is getting tough with Cyprus and Mauritius on tax. This week it is Switzerland’s turn to feel Indian ire. … [Read more...]
Avaaz on Jersey: give the tax thieves nowhere to hide
From Avaaz, a new campaign: Jersey is trying to get away with limited implementation of the G8's tax transparency reforms. I worked in Jersey’s government, and know a deluge of messages from across the UK will surprise them. Write what you feel about tax dodging, and draw from the points below. … [Read more...]
Swiss secrecy allies falling by the wayside
Swissinfo is running a long article today which begins like this: "The decision by Luxembourg and Austria to automatically exchange tax data with other European Union countries has isolated Switzerland in the global crusade against banking secrecy, a Tax Justice Network (TJN) expert tells … [Read more...]
New book: The Political Economy of Offshore Jurisdictions
This new book adds further insights into the political economy of offshore, raising questions about why offshore has been off-limits for serious political discussion for so many decades and opening up discussion around offshore secrecy. A welcome addition to the emerging debate. … [Read more...]
EU Savings Tax Directive moves forwards
Update: new details about how the EC sees the EUSTD meshing with other initiatives. We recently wrote that there were positive signs that the all-important Amendments to the European Union Savings Tax Directive was likely to be approved, in the face of long-standing intransigence by Luxembourg, … [Read more...]
Secrecy jurisdictions already aiming at loopholes in OECD project
We have been rather complimentary recently about the OECD's emerging project to deliver automatic information exchange globally. It contains many positive (and important elements), but we also noted some shortcomings. One of the loopholes we noted was: "It is increasingly easy for individuals to … [Read more...]
New report: OECD’s new info exchange standard a watershed moment?
A month ago we published a short, quick reaction to a new report by the OECD, outlining the nuts and bolts of a major new international system for information exchange. We have now spent quite some time exploring the OECD's report, and have written a much more detailed response. Our new report … [Read more...]
Exclusive interview with OECD on TJN’s report on AIE proposals
International Tax Review has just published an exclusive interview with the OECD's Pascal Saint Amans concerning our new report on the proposals for a new international standard for automatic information exchange. … [Read more...]
