The OECD welcomed today a new model international tax agreement designed to improve cross-border tax compliance and boost transparency.
Developed by the United States, France, Germany, Italy, Spain and the United Kingdom, the model allows the implementation of the Foreign Account Tax Compliance Act (FATCA) through automatic exchange between governments, reduces compliance costs for financial institutions and provides for reciprocity.
The model agreement calls on the OECD to work with interested countries on adapting the terms of the agreement to create a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions.
See full Article.
Friday, September 21, 2012
Tax: OECD welcomes multilateral efforts to improve international tax compliance and transparency
The OECD welcomed today a new model international tax agreement designed to improve cross-border tax compliance and boost transparency.
Developed by the United States, France, Germany, Italy, Spain and the United Kingdom, the model allows the implementation of the Foreign Account Tax Compliance Act (FATCA) through automatic exchange between governments, reduces compliance costs for financial institutions and provides for reciprocity.
The model agreement calls on the OECD to work with interested countries on adapting the terms of the agreement to create a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions.
See full Article.
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