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ARTICLE · 20 DECEMBER 2013

Tax Information Exchange – Where Are We Now?

Maples Group
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Since the financial crisis there has been a marked acceleration in the number and scale of initiatives designed to enable states to get information about income its taxpayers earn abroad.

GlobalTax
Andrew Quinn
Andrew Quinn
William Fogarty
William Fogarty
David Burke
David Burke
Lynn Cramer
Lynn Cramer
Fearghal McVey
Fearghal McVey
Martin Livingston
Martin Livingston
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Since the financial crisis there has been a marked acceleration in the number and scale of initiatives designed to enable states to get information about income its taxpayers earn abroad. The aim is to prevent tax evasion through automatic exchange of information between states and, unlike proposals aimed at aggressive tax planning (e.g. BEPS), they are being implemented with some speed. They create significant administrative burdens for legitimate financial institutions and investment vehicles and, due to significant overlap between initiatives, may create duplicate or conflicting obligations.

FATCA

The Foreign Account Tax Compliance Act ("FATCA") is US legislation that requires non-US financial institutions ("FFIs") to report information on accounts held by US persons or else face a 30% withholding on payments they may receive from US sources. The definition of an FFI is broad and includes "investment entities" which would encompass investment funds and

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