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Automatic Exchange of Information into effect today (31/12/15)

Discussion in 'Business & Tax Advice' started by valdorion, Dec 31, 2015.

  1. valdorion

    valdorion Newbie

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    If you have a bank account in a foreign country in date of today (31/12/15), you are likely to be affected by the OECD's new automatic reporting standard. Starting today, banks will have to report account details to the country of residency of each account holders. In other words, it has just become nearly impossible to "hide" money offshore.

    If you aren't sure about whether you are tax compliant, it's time to speak to a tax attorney!


    Countries that will be reporting all accounts open on December 31, 2015 in September 2017:

    Anguilla, Argentina, Barbados, Belgium, Bermuda, British Virgin Islands, Bulgaria, Cayman
    Islands, Chile, Colombia, Croatia, Curaçao, Cyprus, Czech Republic, Denmark, Dominica,
    Estonia, Faroe Islands, Finland, France, Germany, Gibraltar, Greece, Greenland, Guernsey,
    Hungary, Iceland, India, Ireland, Isle of Man, Italy, Jersey, Korea, Latvia, Liechtenstein,
    Lithuania, Luxembourg, Malta, Mauritius, Mexico, Montserrat, Netherlands, Niue, Norway,
    Poland, Portugal, Romania, San Marino, Seychelles, Slovak Republic, Slovenia, South Africa,
    Spain, Sweden, Trinidad and Tobago, Turks and Caicos Islands, United Kingdom, Uruguay

    Countries that will be reporting all accounts open on December 31, 2016 in September 2018:

    Albania, Andorra, Antigua and Barbuda, Aruba, Australia, Austria, The Bahamas, Belize, Brazil,
    Brunei Darussalam, Canada, China, Costa Rica, Grenada, Hong Kong, Indonesia, Israel,
    Japan, Marshall Islands, Macao, Malaysia, Monaco, New Zealand, Qatar, Russia, Saint Kitts
    and Nevis, Samoa, Saint Lucia, Saint Vincent and the Grenadines, Saudi Arabia, Singapore, Sint
    Maarten, Switzerland, Turkey, United Arab Emirates.
     
  2. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    That's why you don't want to hide your money offshore but report it and make an tax efficient corporate structure!
     
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  3. asap1

    asap1 BANNED BANNED

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    Damn this is crazy. Good ole uncle sam getting their money.
     
  4. valdorion

    valdorion Newbie

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    Indeed people should know better. That being said, there is a surprising number of people who still believe the "swiss myth" that offshore accounts are secret and out of the reach of tax authorities.
     
  5. abhi007

    abhi007 Jr. VIP Jr. VIP

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    I make it a point to pay my taxes every year...it's good to pay taxes.
     
  6. pseudonym

    pseudonym Regular Member

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    the primordial problem is less with "paying" tax but moreso with what is disclosed by reporting income... think loss of family, personal and educational preferences that depend on not exceeding certain tax brackets etc., ... the reporting part brings moretrouble to people than the paying part, to be totally honest
     
  7. pseudonym

    pseudonym Regular Member

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    wait until you have to deal with prorated monthly vat and customs taxes...
     
  8. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

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    Well, there are other reasons than tax to file for an offshore company.. one among many are privacy and anonymity. So there are offshore jurisdictions that have more simple regulations in regards to financial services, Adult, Gambling and so on compared to onshore countries. The need for offshore companies will always be there..it's just how you set it all up.
     
  9. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    When did tax agencies start contacting ones friends and family telling them about how much the person is making?
     
  10. pseudonym

    pseudonym Regular Member

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    not just that; there are jurisdictions that proactively fine family for not telling
     
  11. Capo Dei Capi

    Capo Dei Capi BANNED BANNED

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    How is the family going to know what someone makes in order to report to the government if they don't have access to that person's bank account(s)?
     
  12. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    Read the list carefully and notice which first-world country isn't in there... and it's not a typo.
     
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