ARTICLE · 04 JUNE 2013

Weekly Tax Update - Monday 20 May 2013

Smith & Williamson

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George Osborne has written to the Irish Minister of Finance in preparation for the G7 Meeting on 14 May in Dublin, concerning the shared agenda on tackling global tax evasion and avoidance.

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Smith & Williamson

1 GENERAL NEWS

1.1 Chancellor's letter to EU Finance Ministers on fighting tax avoidance and evasion

George Osborne has written to Michael Noonan (The Irish Minister of Finance) in preparation for the G7 Meeting on 14 May in Dublin, concerning the shared agenda on tackling global tax evasion and avoidance. The letter comments that:

The current proposals for amending the Savings Tax Directive and associated negotiating mandate should be agreed.
There should be a quick move to embed multilateral automatic exchange of information as a new global standard, based on the agreements with the US. The proposal is to pilot such processes between the G5 European countries basing the model on that agreed with the US. The British overseas territories and the Isle of Man have committed to join the pilot and Guernsey is expressing an interest.

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