Wednesday, January 30, 2013

Automatic information exchange coming sooner than we thought?

We have fought in the wilderness for years on the issue of automatic information exchange, with the OECD leading the charge in saying that its next-to-useless standard of 'on request' information exchange was the 'internationally agreed standard." Well, the OECD sort of threw in the towel a few months back, and now we see something that we discussed recently: in a complex chess game involving the U.S., the E.U., and various tax havens, many jurisdictions will have no choice but to accept automatic information exchange.

Tax Research notes a debate in Jersey, which explains the issue well. Important progress, confirming that our earlier analysis was right on the money.

To see why automatic information exchange is the superior form of transparency, see here or here.


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