AEoI Ingrid Rensema Vereniging voor Belastingwetenschap 2015 1 april 2015.

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Presentation transcript:

AEoI Ingrid Rensema Vereniging voor Belastingwetenschap april 2015

AEoI – development earlyinclusion of information exchange paragraphs in double tax treaties 1988Convention on Mutual Assistance in Tax Matters 2001Global Forum on Transparency & AEoI 2003EUSD introduced 2005TIEAs / inclusion of EoI in DTTs 2008Amendments to EUSD proposed 2010Amended Convention on Mutual Assistance in Tax Matters 2010FATCA introduced 2011DAC introduced 2012IGAs to FATCA announced 2013UK CDOT 2014CRS & DAC2 2015EU Transparency Package 2

Global Forum on Transparency & AEoI 2001 Objective: improve transparency Currently more than 100 countries involved 3

EUSD introduced 2003 EU directive Objective: reporting on savings income or withholding Note – Switzerland and other “secrecy jurisdictions” have also joined 4

TIEAs / inclusion of EoI in DTTs 2005 worldwide Objective: exchange on request of tax related information Note – “black list” of secrecy jurisdictions / tax havens quickly disappeared 5

Amendments to EUSD proposed 2008 EU directive Objective: reparations of existing reporting Note – Austria and Luxembourg Note – only approved early 2014 Note – to be abolished in conjunction with CRS/DAC adoption 6

FATCA introduced 2010 US law Objective: -identification of US account holders -reporting of information on US account holders -withholding of US tax on certain payments 7

DAC introduced 2011 EU directive Objective: automatic exchange of certain information (life insurance, pension, wages) Note – only exchange when information available 8

UK CDOT 2013 UK, Crown Dependencies & Overseas Territories (10 jurisdictions) Objective: FATCA like 9

CRS 2013 G-20 and OECD initiative, embraced by EU Objective: worldwide automatic exchange of financial information Note – same G-20 that initiated BEPS 10

CRS & DAC CRS & commentary adopted by ~100 countries Including all major financial centers (except Panama) Two / three waves – starting in 2016, 2017, 2018 CRS transposed into DAC2 by EU 11

EU Transparency 2015 Tax Transparency Package released - quarterly exchange within EU of rulings To be included in DAC3 12