Other Automatic Exchange of Information (AEOI) Developments

Articles

Global FATCA: the OECD’s Common Reporting Standard
Hatice Ismail and Martin Shah review the OECD’s proposal for a global standard for cross-border automatic exchange of information on “financial accounts” based on FATCA.

Common Reporting Standard moves a step closer to reality
The OECD’s Common Reporting Standard received further endorsement at the recent Global Forum meeting where 51 jurisdictions signed a multilateral competent authority agreement.

EU Commission proposes EU FATCA EU
Finance Ministers have agreed on a draft directive extending the scope for the mandatory automatic exchange of information between EU tax authorities.

G20 leaders welcome progress on BEPS and CRS
The G20 Finance Ministers have reaffirmed their commitment to the OECD’s BEPS and Common Reporting Standard projects following the G20 Cairns September 2014 meeting at which the OECD presented its progress reports on these topics. (23 September 2014)

HMRC consults on implementing the OECD's common reporting standard
HMRC has released a discussion document looking at the administrative implications for UK financial institutions of the introduction of obligations to exchange information pursuant to the OECD's Common Reporting Standard (08 August 2014)

OECD global model for automatic information exchange
The OECD has released detailed commentary on its global model for information exchange which calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. (29 July 2014)

Cayman Islands signs FATCA IGA with US
The Cayman Islands finally signs a non-reciprocal Model 1 IGA with the US. (02 December 2013)

UK and Cayman Islands sign FATCA-style IGA
The UK and the Cayman Islands sign the first IGA between the UK and a British Overseas Territory. (19 November 2013) 

OECD Common Reporting Standard resources

OECD Standard for Automatic Exchange of Financial Information in Tax Matters

SIGNATORIES OF THE MULTILATERAL COMPETENT AUTHORITY AGREEMENT AND INTENDED FIRST INFORMATION EXCHANGE DATE: Status as of 19 November 2014

G20 Common Reporting Standard Implementation Plan

EU FATCA resources

October 2014 EU Council Announcement

December 2014 EU Council Press Release

Council Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation

EU Commission FAQ

UK AEOI resources

HM Treasury Automatic Exchange of Information Agreements (FATCA) homepage 
Draft International Tax Compliance (Crown Dependencies and Gibraltar) Regulations 2014 and related Tax Information and Impact Note
Guidance notes for the implementation of the International Tax Compliance (UK, Isle of Man, Guernsey and Jersey) Regulations 2014 dated 27 June 2014
Implementing the United Kingdom’s agreements with the Crown Dependencies and Gibraltar to improve international tax compliance - Summary of responses
Luxembourg, Liechtenstein, Malta and others agree to automatic exchange of tax information with UK
UK-Anguilla Agreement to improve international tax compliance
UK-Bermuda Agreement to implement international tax compliance
UK-Montserrat Agreement to implement international tax compliance 
UK-Turks and Caicos Agreement to improve international tax compliance signed on 26 November 2013
UK-British Virgin Islands Agreement to improve international tax compliance signed on 28 November 2013 
UK-Gibraltar Agreement to improve International Tax Compliance signed on 21 November 2013 and Amended Annex II and III 
UK-Cayman Islands Agreement to improve International Tax Compliance signed on 05 November 2013 
UK-Guernsey Agreement to Improve International Tax Compliance signed on 22 October 2013 and Amended Annex II and III
UK-Jersey Agreement to Improve International Tax Compliance signed on 22 October 2013 and Amended Annex II and III 
UK-Isle of Man Agreement to Improve International Tax Compliance signed on 10 October 2013 and Amended Annex II and III

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