Сountry-by-country reporting: appropriate use and confidentiality in automatic information exchange

2021 ◽  
Vol 2021 (12) ◽  
pp. 52-67
Author(s):  
Larysa NIKOLENKO ◽  
◽  
Iryna KRYSHTOPA ◽  
Oksana TOPCHII ◽  
◽  
...  
Keyword(s):  
Information Exchange ◽  
Appropriate Use ◽  
Automatic Information

Country-by-Country Reporting and Other Financial Transparency Measures Affecting the European Union

2021 ◽  
pp. 132-157
Author(s):  
Petr Janský ◽  
Andres Knobel ◽  
Markus Meinzer ◽  
Tereza Palanská ◽  
Miroslav Palanský
Keyword(s):  
Information Exchange ◽  
A Priori ◽  
Virgin Islands ◽  
Cayman Islands ◽  
The European Union ◽  
Member States ◽  
Eu Member States ◽  
Automatic Information ◽  
Financial Secrecy ◽  
The Eu

The EU faces large amounts of financial secrecy supplied to it by secrecy jurisdictions. In this chapter, we use the Bilateral Financial Secrecy Index to quantify which jurisdictions supply most secrecy to EU Member States. The chapter assesses the progress of two recent EU policy efforts to tackle financial secrecy: automatic exchange of country-by-country reporting (CbCR) data and black and grey list of non-cooperative jurisdictions. It is found that 34 per cent of the financial secrecy faced by the EU is supplied by other Member States, whose a priori exclusion from the blacklisting exercise reveals its fundamental flaw. Further 13 per cent is supplied by the EU’s dependencies, mainly the UK’s Cayman Islands, Bermuda, and Guernsey. The jurisdictions that supply the most secrecy not covered by automatic information exchange of CbCR data are the British Virgin Islands, United States, and Curacao. Finally the chapter discusses policy recommendations that stem from our analysis.

scholarly journals THE IMPACT OF THE AGREEMENT ON THE AUTOMATIC EXCHANGE OF FINANCIAL INFORMATION ONTO THE RUSSIAN SYSTEM OF COMBATING MONEY LOUNDERING

2017 ◽  
pp. 83-88
Author(s):  
Stanislav Aleksandrovich Grinyakin
Keyword(s):  
Money Laundering ◽  
Information Exchange ◽  
National Level ◽  
Recent Decade ◽  
Financial Information ◽  
Automatic Information ◽  
Financial Investments ◽  
Financial Transactions ◽  
The Impact ◽  
Working Out

Today, in the context of crisis, many managers of large corporations seek to protect their financial investments by their legalization and further withdrawal into the offshore zone. In the recent decade in many countries the problems of combating economic crimes related to money laundering are solved at the national level. The article highlights the need to improve legislation and strengthen activities in this direction.The authors consider different possible schemes of money laundering, participating of credit and financial institutions in such schemes being a unifying factor. Lack of governmental controls over legality of financial transactions, absence of precise criteria resulted in working out the Multilateral agreement of Organization for Economic Co-operation and Development (OECD) on cooperation between the competent authorities on the problems of automatic information exchange, which is the part of OECD Standard about automatic exchange of financial information. Adoption of OESD Standard by Russia leads to increased complexity and insecurity of operations of certain credit and financial organizations, but will make the procedure of provision of account information more transparent eliminating possibility to dodge taxes by money laundering for businesses.

scholarly journals An ORCID based synchronization framework for a national CRIS ecosystem

F1000Research ◽  
2015 ◽  
Vol 4 ◽  
pp. 181 ◽  
Author(s):  
João Mendes Moreira ◽  
Alcino Cunha ◽  
Nuno Macedo
Keyword(s):  
Information Exchange ◽  
Research Output ◽  
Formal Analysis ◽  
Substantial Reduction ◽  
Research Field ◽  
International Standards ◽  
Research Management ◽  
Research Information ◽  
Consistency Management ◽  
Automatic Information

PTCRIS (Portuguese Current Research Information System) is a program aiming at the creation and sustained development of a national integrated information ecosystem, to support research management according to the best international standards and practices. This paper reports on the experience of designing and prototyping a synchronization framework for PTCRIS based on ORCID (Open Researcher and Contributor ID). This framework embraces the "input once, re-use often" principle, and will enable a substantial reduction of the research output management burden by allowing automatic information exchange between the various national systems. The design of the framework followed best practices in rigorous software engineering, namely well-established principles in the research field of consistency management, and relied on formal analysis techniques and tools for its validation and verification. The notion of consistency between the services was formally specified and discussed with the stakeholders before the technical aspects on how to preserve said consistency were explored. Formal specification languages and automated verification tools were used to analyze the specifications and generate usage scenarios, useful for validation with the stakeholder and essential to certificate compliant services.

scholarly journals Great powers in global tax governance: a comparison of the US role in the CRS and BEPS

2019 ◽  
Author(s):  
Wouter Lips
Keyword(s):  
Tax Evasion ◽  
Information Exchange ◽  
Multinational Companies ◽  
Great Powers ◽  
Essential Step ◽  
Unilateral Action ◽  
Length Standard ◽  
Automatic Information ◽  
The Us ◽  
Distributional Consequences

The G20 and the OECD recently claimed two successes in global tax governance: adopting automatic exchange of banking information in 2014, and the 2015 BEPS project on taxation of multinational companies. While the former signifies an essential step forward in reducing tax evasion, the BEPS outcomes were criticized for merely patching up flawed taxation principles based on the arms’-length standard. The emergence of global automatic exchange of information is often ascribed to the US who unilaterally enforced its own FATCA automatic information-exchange standard, while no comparable action happened during BEPS. This article investigates the US position on the BEPS outcomes and if a similar unilateral action would have led to more far-reaching cooperation concerning BEPS. By examining the distributional consequences of cooperation in both processes, we conclude that US power in tax governance in both issues is more limited than generally assumed and insufficient to explain global cooperation.

Asset protection in multinational enterprises – where to now?

2014 ◽  
Vol 22 (4) ◽  
pp. 351-371
Author(s):  
Freya Smith
Keyword(s):  
Value Chain ◽  
Information Exchange ◽  
Multinational Enterprises ◽  
Limited Liability ◽  
Significant Shift ◽  
Profit Shifting ◽  
Content Type ◽  
Asset Protection ◽  
Automatic Information ◽  
Critical Issues

Purpose – This paper aims to shed light on the potential implications for asset protection planning in multinational enterprises (MNEs) from the Organisation for Economic Co-Operation and Development (OECD)’s work on base erosion and profit shifting (BEPS) and the global push towards increased transparency and automatic information exchange. Design/methodology/approach – An examination of the academic literature across a range of areas of the law relevant to MNEs and an analysis of the risks facing MNEs and the significance of asset protection in managing these risks. An examination of the OECD’s work on BEPS and automatic information exchange and implications for asset protection strategies utilised by MNEs with a particular focus on the critical issues of disclosure, ownership and control. Findings – The full extent to which MNEs will be affected by the OECD’s work on BEPS remains unknown. Early signs indicate a significant shift in the focus of tax rules away from the pricing of specific transactions between related entities to the total global value chain of an MNE opening the door for more widespread adoption of enterprise liability and for states to obtain a complete view of MNE tax and asset protection planning, potentially including previously impenetrable trusts and limited liability companies. Originality/value – This paper is one of the first to provide an analysis of the importance of asset protection to MNEs and the potential risks arising for asset protection planning in MNEs from the OECD’s work on BEPS and automatic information exchange.

The OECD's Harmful Tax Competition Initiative and the Tax Havens: From Bombshell to Damp Squib

2008 ◽  
Vol 8 (1) ◽  
pp. 1850128 ◽  
Author(s):  
Robert T. Kudrle
Keyword(s):  
Tax Evasion ◽  
Information Exchange ◽  
Tax Competition ◽  
Personal Income ◽  
Cayman Islands ◽  
Tax Havens ◽  
Bank Secrecy ◽  
Automatic Information ◽  
Tax Haven ◽  
The Impact

The OECD's Harmful Tax Competition of 1998 departed in both tone and substance from almost anything the organization had published before. The roots of the associated project lie mainly in EU concerns that certain forms of intra-union competition were eroding both the corporate and personal income tax bases of member states. But it appeared impossible to deal with those problems unless policies were also changed in the 40 or so jurisdictions know as “tax havens.” HTC threatened sanctions against the tax havens if they failed to collect and share information upon request about individuals and corporations attempting to evade or avoid income taxes. HTC also set criteria for the legitimacy of claims about corporate location. A firm could claim location in a tax haven only if it had “substantial” activity there. The report created a furor among the tax havens, which complained loudly that they were facing a new form of colonial control by being held accountable for standards they had no role in setting. Over the next several years the corporate element of the project disappeared, and the style of the OECD's approach shifted from confrontation to cooperation. HTC was strongly supported by the Clinton Administration, and summaries of the project's development often stress how much change came with the election of George W. Bush. A careful look at OECD reports, however, reveals that much of the shift in direction occurred before the outcome of the U.S. election in 2000 had been determined. The revised focus on bank secrecy did yield results. Virtually all of the tax havens had acceded to the revised OECD demands for transparency and information exchange by 2004. This article looks at the data on tax haven liabilities to gauge the impact of the project on tax evasion. It employs the ARIMA technique to investigate both tax haven activity as a whole and the particularly important case of the Cayman Islands. No significant impact can be found probably because investment in the havens remains very easy to disguise and very difficult to detect. This suggests that an effective attack on personal income evasion will require more than the OECD demanded. Automatic information-sharing on the ownership based on an internationally consistent set of identifying numbers over a range of financial instruments holds greater promise for a significant decline in the use of the havens for tax evasion.

scholarly journals CbC-REPORTING IN TAX ADMINISTRATION

2021 ◽  
Vol 116 (3) ◽  
pp. 64-76
Author(s):  
MUZYCHUK Mariana ◽  
FOMINA Olena
Keyword(s):  
Information Exchange ◽  
Business Processes ◽  
Transfer Pricing ◽  
Risk Identification ◽  
Comprehensive Analysis ◽  
Tax Administration ◽  
Tax Base ◽  
Use Of Data ◽  
Automatic Information ◽  
Reporting Data

Background. Countering the erosion of the tax base through the use of transfer pricing (TP) is an important element of tax policy. Ukraine is implementing three-level TP reporting and the procedure of automatic exchange of tax information. The analysis of recent research and publications has showedthat research on the use of data obtained in the exchange of tax information procedure under the CbC standard is relevant and controversial. The aim of the articleis to investigate the conditions for the introduction of automatic information exchange in Ukraine and provide recommendations for the practical use of the obtained data for tax control purposes. Results. An analysis of the structure of three-level TP reporting and the conditions of its first submission in Ukraine was performed. The procedure of automatic exchange of tax information according to the CbCR standard is considered. Based on the results of this study, a set of proposals for the use of CbC reporting data for tax administration purposes has been developed. The implementation of these proposals will help strengthen tax control and administration. Conclusion. The information received under CbCR-standard is intended for comprehensive analysis and risk identification by tax administrations and cannot be an alternative to tax audits or investigations. The obtained results can be used to build the business processes on CbC information application by the tax authorities. Further research in this direction should focus on the development of recommendations for the business process on the automatic exchange of information according to the CbCR standard establishment and the further use of the data obtained under this exchange by the tax administration.

Sign in / Sign up

Export Citation Format

Share Document