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Potentially hot news for the war on tax evasion!

Potentially hot news for the war on tax evasion!

Bolstered by the recent successful passage of the US Foreign Account Tax Compliance Act, five EU countries have upped the stakes in their continuing war against cross-border tax evaders.  France, Germany, Italy, Spain and the UK have just issued a joint communiqu&eacute to the European Commission inviting their fellow EU Members to join them in piloting a new & lsquo;multilateral tax information exchange’ currently in development.  & lsquo;ItsInternational’ understands the ultimate aim is for countries around the world to embrace a global system of automatic (eradicating the need for formal requests) information exchanges “removing the hiding places for those who would seek to evade paying their taxes”.

The pilot is to be based on the Model Intergovernmental Agreement to advance international tax compliance and to implement FATCA (Foreign Account Tax Compliance Act) between the 5 declared EU countries and the USA.  The apparent aim is to tackle international tax evasion in a manner which minimises associated costs for businesses as well as governments.

Although there have previously been attempts to enlist meaningful joint action against tax evaders, & lsquo;ItsInternational’ believes the global desire from governments to fill empty treasury chests will turn this latest “talk” into an active “walk”.

The joint letter is available by clicking this link:  www.hm-treasury.gov.uk/hmtreasurynews.htm.

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