The new player in international taxation: the automatic exchange of financial information

2021 ◽  
Vol 23 (3) ◽  
pp. 41-45
Author(s):  
ESTER GARCÍA ◽  
Keyword(s):  
Information Exchange ◽  
Legal Framework ◽  
Financial Information ◽  
International Taxation ◽  
Positive Outcomes ◽  
Exchange Of Information ◽  
Bank Secrecy ◽  
Bank Accounts

The article highlights the progress of international taxation in the fight against the concealment of income in offshore jurisdictions and exposes the lights and shadows of the current legal framework for the exchange of information on bank accounts. The author examines the major problems of international taxation and how corporations avoid paying taxes in their jurisdictions and how it affects the financial sphere. The article studies bank secrecy with its harmful aspects and develops the solution to resolve the current issues. As a conclusion, the author focuses on cooperation between tax administrations and the positive outcomes from transparency and information exchange measures on the international taxation.

scholarly journals Improvement of tax control in Ukraine on the basis of implementing BEPS plan tools and automatic information exchange

2020 ◽  
Vol 2020 (3) ◽  
pp. 79-94
Author(s):  
Liudmyla OLEYNIKOVA ◽  
◽  
Inna DOLZHENKO ◽  
Keyword(s):  
Comparative Analysis ◽  
Tax Evasion ◽  
Information Exchange ◽  
Analytical Data ◽  
Financial Information ◽  
Exchange System ◽  
Systematic Analysis ◽  
Cross Border ◽  
Exchange Of Information ◽  
Base Analysis

The article is devoted to substantiating the need to develop and strengthening the competencies and capabilities of tax services to identify and stop tax evasion in the global economic space characterized by the use of aggressive tax planning schemes related to the taxation of cross-border companies. The aim of the article is to determine the procedures and consequences of the introduction in Ukraine of the standard of automatic exchange of information for tax purposes, the advantages of which are its potential to curb significant tax evasion offshore. Research methods: methods used in this research goes as following: comparative analysis, systematic analysis, cognitive-analytical, data base analysis etc. It is established that the exchange of information between the tax authorities of different countries is the most important among the international instruments to combat cross-border tax evasion schemes, and the main international tool for cooperation in overcoming the asymmetry of tax information is the introduction of a standard for automatic exchange of information for tax purposes. Emphasis is placed on the parameters set by the CRS standard for the identification and exchange of information and the steps that need to be taken to implement it in Ukraine. Research methods: methods used in this research goes as following: comparative analysis, systematic analysis, cognitive-analytical, data base analysis etc. Author arrives at the conclusion that the dates of establishment of the automatic taxation and financial information exchange system in Ukraine (in accordance with CRS standards) are not being followed sufficiently. In this paper author discusses the importance of systematic and methodological establishment of the automatic taxation and financial information exchange system in Ukraine (in accordance with CRS standards) as well as suggests the methods that would efficiently speed up the process of law enforcement project development in Ukraine as well as other normative acts.

scholarly journals Results of tax transparency standards implementation in the Organization of economic cooperation and development

2020 ◽  
Vol 13 (1) ◽  
pp. 55-67 ◽  
Author(s):  
N. A. Poponova
Keyword(s):  
Information Exchange ◽  
Tax Competition ◽  
Economic Cooperation ◽  
Financial Information ◽  
International Taxation ◽  
International Exchange ◽  
Tax Legislation ◽  
The World ◽  
Competition Process ◽  
Tax Information Exchange

The study subject is the measures of suppression so called «Harmful tax competition» process and the world financial system transparency increasing, as well as international taxation rules transparency increasing. These measures are taken by Organization of economic cooperation and development (OECD) and European Union (EU) countries since the mid of 2000. This study describes their main results. The theme of Russian Federation participation in the process of international automatic tax information exchange is touched.Conclusions were drawn about the increase of the level of tax legislation so as to reach the international level in field of compliance. It has done due to implementation of the financial information automatic exchange standard.Also the aspect of inefficiency of the most traditional schemes of international tax optimization in the future are touched. The negative aspects of the international exchange of tax information were also noted.

Pengecualian Rahasia Perbankan untuk Kepentingan Perpajakan di Indonesia

2020 ◽  
Vol 19 (1) ◽  
Author(s):  
Ika Khairunnisa Simanjuntak
Keyword(s):  
Research Method ◽  
Information Access ◽  
Financial Information ◽  
Research Approach ◽  
Exchange Of Information ◽  
Bank Secrecy ◽  
Analytical Research

<table width="589" border="0" cellspacing="0" cellpadding="0"><tbody><tr><td valign="top" width="16"><p><em> </em></p></td><td valign="top" width="403"><p><em>Act Number 7 of 1992 as amended by Act Number 10 of 1998 concerning Banking and several related rules already regulated the exclusion of bank secrecy, especially for tax purposes. However, the existing mechanism has not been able to accommodate the exchange of financial information within the framework of the Automatic Exchange of Information (AEOI). Then the Financial Information Access Act was formulated which regulates the automatic exchange of financial information that has never been known before. The problems discussed in this study are how the exclusion of bank secrecy are for tax purposes that have been carried out in Indonesia and how the exclusion of bank secrecy are regulated in the Financial Information Access Act. The research method used is a normative juridical method with a descriptive analytical research approach. The results of the study found that the exclusion of bank secrecy has long been known in Indonesia but is still limited by a convoluted bureaucracy. Whereas in the Financial Information Access Act, exclusion take place automatically but there are sanctions for those who misuse information.</em></p><p><strong><em>Keywords:</em></strong></p><p><em>Bank Secrecy; Access to Financial Information; Tax.</em></p></td></tr></tbody></table>

scholarly journals THE IMPLEMENTATION OF AUTOMATIC EXCHANGE OF INFORMATION AS A TOOL TO TACKLE OFFSHORE TAX EVASION: AN EXPERIENCE FROM INDONESIA

Scientax ◽  
2020 ◽  
Vol 2 (1) ◽  
pp. 100-122
Author(s):  
Riska Marlinda Darmanti ◽  
Darmawan Mangkan
Keyword(s):  
Tax Evasion ◽  
Methodological Approach ◽  
Tax Compliance ◽  
Financial Information ◽  
International Taxation ◽  
Financial Assets ◽  
Net Worth ◽  
Exchange Of Information ◽  
Directorate General

Cross-border tax evasion has been a central issue in international taxation in recent years. The use of Offshore Financial Centres (OFCs) and low tax jurisdictions to facilitate the wealth of high net worth individuals has led to offshore tax evasion and has eroded the tax bases of countries. Meanwhile, international tax cooperation is emerging with the aim of enhancing tax transparency. One way to reach tax transparency is with the implementation of the exchange of information for tax purposes. The tax authorities have already implemented the exchange of information on request; however, this method is ineffective to fight against offshore tax evasion. The tax authorities must already obtain the evidence of their suspicion over the taxpayers; otherwise, their request may be denied as a ‘fishing expedition’. The demand for offshore financial information is obvious since it will enable tax authorities to oversee the level of offshore tax compliance. This study considers the importance of the Automatic Exchange of Information (AEOI) as a tool to access the resident’s financial information of residents who kept their financial assets in other jurisdictions with a case study in Indonesia. The financial information from other jurisdictions is fundamental for Indonesia because it can be used for analysis and law enforcement of taxpayers, especially those who previously saved money abroad and have not reported or paid the correct amount of tax. This paper recognizes that despite the benefits of the AEOI, the implementation of the AEOI in Indonesia is still facing challenges, although it has been two years since its first implementation. This study will follow a qualitative methodological approach with a detailed literature review and real experience in Indonesia. Finally, this article explores the current stage of implementing the AEOI in Indonesia and the challenges faced by Indonesia with some proposed solutions for the Directorate General of Taxes for the effective implementation of the AEOI in Indonesia.

scholarly journals AKIBAT ADANYA KETERBUKAAN INFORMASI PAJAK PASCA DIKELUARKANNYA PERPPU NOMOR 1 TAHUN 2017 TENTANG AKSES INFORMASI KEUANGAN UNTUK KEPENTINGAN PERPAJAKAN

2020 ◽  
Vol 13 (1) ◽  
pp. 12-21
Author(s):  
Belinda Carissa Santoso
Keyword(s):  
Government Regulation ◽  
Banking Sector ◽  
Tax Avoidance ◽  
Economic Cooperation ◽  
Financial Service ◽  
Financial Information ◽  
International Taxation ◽  
State Budget ◽  
Exchange Of Information ◽  
Directorate General

The tax avoidance activity that is most often carried out by individual taxpayers is to flee their savings to other countries. The practice of escaping funds out of the country is not a new matter in the world of international taxation, so many countries are trying to find the way to prevent this. Automatic Exchange of Information is a plan from GZO countries and was initiated by the Organization for Economic Cooperation and Development regarding a system which supports the exchange of taxpayer accounts information between countries. With this system, taxpayers who have opened account in other country will be able to be tracked directly by the tax authorities of their home country. Indonesia as one of the countries that have agreed on AEoI, issues a Government Regulation in Lieu of Law Number 1 Year 2017 regarding Access to Financial Information for Tax Purposes. Government Regulation in Lieu of Law Number 1 Year 2017 gives authority to the Directorate General of Taxes to obtain access to the financial information for tax purposes from financial service institutions that carry out activities in the banking sector, capital market, insurance, other financial service institutions, and/or other entities categorized as financial institutions in the field of taxation. Basically the purpose of this authorization is for DGT (Directorate General of Taxes) to strengthen taxation database to meet the needs of tax revenues so that the state budget can be fulfilled well every year, and to eradicate world tax criminals. With this PERPPU (Government Regulation in Lieu of Law Number 1 Year 2017), it doesn't rule out the possibility of leakage of domestic customers‘ financial information that can cause various kinds of risk such as buying and selling customers’ data, the desire to save by domestic taxpayers is deacreasing due to the fear and discomfort as if the taxpayers' financial condition is stripped naked in their own country, so their trust in financial service institutions is reduced and people prefer to save their money in cash or invest it in the form of land or building. Kegiatan penghindaran diri dari membayar pajak yang paling sering dilakukan oleh wajib pajak individu adalah dengan melarikan uang tabungannya ke negara lain. Praktik melarikan dana keluar negeri bukanlah hal baru di dunia perpajakan internasional sehingga banyak negara yang berusaha mencari cara untuk mencegah hal tersebut. Automatic Exchange Of Information adalah sebuah rencana dari negara G20 yang diinisiasi oleh Organisation for Economic Cooperation and Development mengenai sistem yang mendukung pertukaran informasi keuangan wajib pajak antar negara. Dengan sistem ini, wajib pajak yang memiliki rekening di negara lain bisa dilacak secara langsung oleh otoritas pajak negara asalnya. Indonesia sebagai salah satu negara yang menyepakati AEoI, mengeluarkan Peraturan Pemerintah Pengganti Undang-Undang Nomor 1 Tahun 2017 tentang Akses Informasi Keuangan Untuk Kepentingan Perpajakan. PERPPU 1 Tahun 2017 ini memberikan kewenangan kepada Direktorat Jenderal Pajak untuk memperoleh akses informasi keuangan untuk kepentingan perpajakan dari lembaga jasa keuangan yang melaksanakan kegiatan di sektor perbankan, perasuransian, pasar modal, lembaga jasa keuangan lainnya, dan/atau entitas lain yang termasuk sebagai lembaga keuangan di bidang perpajakan. Pada dasarnya maksud dari pemberian wewenang ini agar DJP dapat menguatkan basis data perpajakan untuk memenuhi kebutuhan penerimaan pajak sehingga anggaran negara dapat terpenuhi dengan baik setiap tahunnya, serta untuk memberantas penjahat-penjahat pajak dunia. Dengan adanya PERPPU ini tidak menutup kemungkinan terjadinya kebocoran data informasi keuangan nasabah dalam negeri yang dapat menimbulkan berbagai macam resiko seperti terjadinya jual beli data nasabah, keinginan menabung wajib pajak dalam negeri semakin berkurang karena munculnya rasa takut dan tidak nyaman seolah-olah kondisi keuangan wajib pajak ditelanjangi di negara sendiri, sehingga kepercayaan terhadap lembaga jasa keuangan menjadi berkurang dan masyarakat lebih memilih menyimpan dananya dalam bentuk tunai atau investasi berupa tanah atau bangunan.

ADDER

2021 ◽  
pp. 49-56
Author(s):  
A. N. Brysin ◽  
Yu. A. Zhuravleva ◽  
A. S. Mikaeva ◽  
S. A. Mikaeva
Keyword(s):  
Control Systems ◽  
Information Exchange ◽  
Electricity Generation ◽  
Local Network ◽  
Exchange Of Information ◽  
Upper Level ◽  
Bidirectional Exchange ◽  
And Control ◽  
Ethernet Interface

The article describes an electronic multifunctional adder for electricity metering SEM-3. The authors give the technical characteristics, the device and the principle of its operation. The presented adder is designed to monitor and account for the consumption of electricity generation and power directly from consumers, as well as in automated centralized accounting and control systems, and is designed for round-the-clock operation. The adder can collect and transmit information over six independent serial interfaces. The adder with a builtin GSM module provides bidirectional information exchange via cellular modem communication with remote devices and the transfer of accumulated data to the upper level of the automated electricity metering system. It provides bidirectional exchange of information over a local network with a PC over the built-in 10/100 Base-T Ethernet interface.

scholarly journals Keterkaitan Kerahasiaan Bank dan Pajak: Antara Kepentingan Negara dan Pribadi

2019 ◽  
Vol 16 (2) ◽  
pp. 212
Author(s):  
Akhmad Yasin
Keyword(s):  
Qualitative Research ◽  
Financial Institutions ◽  
Financial Services ◽  
Research Method ◽  
Financial Information ◽  
Constitutional Court ◽  
Legal Research ◽  
Qualitative Research Method ◽  
Bank Secrecy ◽  
Tax Payments

Bank sebagai lembaga keuangan, eksistensinya sangat tergantung dari kepercayaan masyarakat yang menjadi nasabahnya. Masyarakat telah memercayai bank sebagai institusi yang menyimpan dana nasabah, mengelola dan menyalurkan kembali kepada masyarakat dalam bentuk pinjaman atau kredit. Oleh karena itu, untuk menjaga kepercayaan nasabah tersebut, bank harus mematuhi ketentuan mengenai rahasia bank. Permasalahan dalam penelitian ini adalah mengetahui dalam kondisi bagaimana rahasia bank dapat diakses, pihak-pihak mana yang wajib menjaga kerahasiaan bank, adakah keterkaitan kerahasiaan bank dengan pajak, dan perlukah kerahasiaan bank yang terkait pajak dihilangkan. Penelitian ini menggunakan metode penelitian deskriptif kualitatif. Hasil penelitian mengungkapkan bahwa terdapat beberapa kondisi dimana rahasia bank boleh dibuka, tetapi tidak semua informasi dan data keuangan nasabah boleh dibuka di hadapan publik kecuali setelah adanya persetujuan dari Otoritas Pajak dan setelah mendapat laporan dari lembaga jasa keuangan di bawah pengawasan Otoritas Jasa Keuangan. Pembukaan rahasia bank diperbolehkan apabila berhubungan dengan kepentingan negara, seperti untuk kepentingan peningkatan kepatuhan masyarakat terhadap pembayaran pajak dan peningkatan penerimaan negara di sektor pajak.Banks as financial institutions, their existence is very dependent on the people’s trust who become their customers. The community has trusted banks as institutions that store customer funds, manage and channel back to the community in the form of loans or credits. Therefore, to maintain the customer's trust, the bank must obey bank secrets provisions. This research uses descriptive qualitative research method in the form of normative legal research and laws and regulations studies related to bank secrecy, derived from literature such as constitutional court decision, books, journals, articles, magazines, and websites. The results reveal that there are several conditions under which bank secrets may be opened, but not all financial information and data of the client may be disclosed in public unless after approval by the Tax Authority after receiving a report from a financial services institution under the supervision of the Financial Services Authority. The unveiling of bank secrecy is permitted when it comes to the interests of the state, such as for the purpose of increasing public compliance of tax payments and increasing state revenues in the tax sector. 

scholarly journals Avoiding Double Taxation Through The Assessment of International Tax Treties. Case: ESP’s versus Anaf Braşov

2019 ◽  
Vol 23 (37) ◽  
pp. 1-15
Author(s):  
Florin Dumiter ◽  
Ștefania Amalia Jimon ◽  
Florin Gheorghe Bene
Keyword(s):  
Best Practices ◽  
Moral Hazard ◽  
Legal Framework ◽  
International Taxation ◽  
Double Taxation ◽  
Asymmetrical Information ◽  
Treaty Shopping ◽  
International Tax

Abstract International double taxation represents one of the main problems’ for which taxpayers have to deal within a world fulfilled with globalization, uncertainty, risk, asymmetrical information and moral hazard. In this sense, in this article it is provided a qualitative overview regarding the appearance and evolution of the main double taxation conventions and their legal framework. In this article it is tackled some important issues, namely: the rationale behind the construction and engaging in double taxation conventions; the need for a coherent and just application of those conventions; the historical appearance and evolution of the double taxation conventions, as well as the quid pro quo OECD Model Convention and UN Model Convention. The conclusions of this article highlight the importance and ultimately need for construction of best practices new and complex multilateral tax convention at the UE level in order to diminish the contagious effects of the treaty shopping practices. The case study presented in this article from the Romanian jurisprudence highlights the multi-faced concept of double taxation and the comprehension approach which must be undertaken in order to solve the complex issues of the international taxation via double taxation treaties.

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