This month the pan-global Organisation for Economic Co-operation and Development (OECD) declared that: “Bank secrecy for tax purposes is coming to an end as countries and major financial centres commit to automatic exchange of information between jurisdictions”.
At the OECD’s annual Ministerial Council Meeting in Paris on 6 May The Declaration on Automatic Exchange of Information in Tax Matters was endorsed during the by 47 countries. The Declaration commits countries and jurisdictions to implement a new single global standard on automatic exchange of information, obliging them to obtain all financial information from their financial institutions (e.g. bank accounts) and then to exchange that data automatically with all the other signatory countries, each year.
The OECD Secretary-General declared this an attack on “tax fraud and tax evasion”, and boasted that this latest development was “another major step towards ensuring that tax cheats have nowhere left to hide.”
The 47 nations include: Argentina, Australia, Austria, Belgium, Brazil, Canada, China , Chile, Colombia, Costa Rica , the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Saudi Arabia, Singapore, Slovak Republic, Slovenia, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom, and United States of America.
What does this mean to me?
If you have an offshore bank account, then you need to take specialist advice immediately. Even if you have no irregularities in your tax affairs, you are likely to be subject to a detailed and intrusive tax enquiry – if you do not deal with this matter properly and promptly. If you do have historic tax problems then there are some highly beneficial disclosure methods available to you.
How can Lynam Tax Disclosure Experts help me?
Our Tax Disclosure Specialists have decades of experience of handling tax investigations and tax disclosures involving non-UK bank accounts, trusts, and companies. We are one of the UK’s leading specialists in using the various offshore tax disclosures facilities (aka: Tax Amnesties). We can assess your particular situation and advise you of the optimum route. We can manage your disclosure, and guide you to a successful outcome – as we have done for many satisfied clients.
To find out how we can help you and for a free, confidential and no obligation discussion, call:
Paul Lynam: 0845 643 9997
Andrew Nutbrown: 0771 877 8710