I AM NOT A FAN OF THE USE OF UNILATERAL MEASURES IN international diplomacy; including the use of tax haven or other types of blacklists related to compliance with global norms on transparency and information exchange. Although we often think of this kind of state action in the context of armed conflict where there are … More OP-ED: Why Europe is Ill-Suited For The Business of Blacklisting So-Called ‘Non-Cooperative’ Jurisdictions.
First a FATCA refresher: FATCA is the acronym for the provisions under the the US Foreign Account Tax compliance Act which became law in March 2010. FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts. FATCA focuses on reporting by U.S. taxpayers about certain foreign financial accounts and offshore assets by foreign financial institutions about … More FATCA Update.
Switzerland looks to be one step closer to responding to requests for information based on stolen data once that data is in the public domain. This is because the Swiss Federal Council has adopted a dispatch on certain proposed amendments to its Tax Administrative Assistance programme that will ease the rules on the use of … More Will International Rules on Tax Information Exchange Fuel a Market for Stolen Tax-Payer Data?
(Christine Legarde (Managing Director , IMF) In the shadow of the Panama Papers the EU has reached agreement on the sharing of beneficial ownership information related to trusts and companies. Following UK Prime Minister, David Cameron’s commitment at the end of the G8 Summit in 2008 to create a UK beneficial ownership register that would be ‘public’; … More Lukewarm Response to EU Beneficial Ownership Register Agreement.
The Q&A with me on Page 9 which covers the issues which have been brought into sharp focus by the theft of the ‘Panama Papers’ is set out below: IFC: As more IFCs sign up to FATCA & the OECD’s Automatic Exchange of Information Standard, do you see a fundamental shift in policy happening in the … More The Movement of Wealth, Transparency, the Right to Privacy…and More
A paltry 110 people out of a population of just over million in the Caribbean Community (CARICOM) were found with HSBC bank accounts according to the information leaked by HSBC’s whistle-blower, Hervé Falciani. Moreover, the amount allegedly stashed in HSBC’s Private Bank is just under US2billion . A potentially statistically irrelevant amount compared to the estimated hundreds … More When the Numbers Don’t Add Up.
From the book…Over 3,000b bilateral agreements to prevent tax evasion, eliminate double taxation and provide a legal basis for the exchange of confidential tax-payer information have been concluded by states. Not a technical treatise on taxation, this book explains how the exercise of tax diplomacy by states is influenced by the international tax aspects of their foreign policy. Designed to make accessible this area of international relations which has escaped the public scrutiny associated with other forms of statecraft, the book explains the unassailable link between the state’s economic value system the goals of this feature of diplomacy often obfuscated by the word ‘tax’. Few small island developing states have pursued a programme of sustained of tax treaty negotiation. Barbados is a well-known exception. Even if numerically modest by developed world standards its thirty-five treaties are geographically diverse and are used throughout the text to illustrate the contemporary policy and practice of tax diplomacy. … More The Proofs of My Book on Tax Diplomacy…