Belgium publishes draft FATCA Guidelines

On 4 May 2015, the Belgian tax administration released a draft of its FATCA guidelines on its e-services web page (http://financien.belgium.be/nl/E-services/fatca). FATCA or¬†Foreign Account Tax Compliance Act¬†is US legislation that targets global tax evasion by US citizens. FATCA requires financial institutions outside the United States to send certain information about their clients who are US citizens, to the US tax …

47 Countries adopt the Automatic Exchange of Information as of 2017

G20 countries endorsed the new OECD/G20 standard on automatic exchange of tax information at the¬†Global Forum on Transparency and Exchange of Information for Tax Purposes¬†in Berlin. During a global signing session of a¬†Multilateral Competent Authority Agreement¬†that will activate automatic exchange of information,¬†51 jurisdictionsput their commitments into action.¬† The Agreement is based on the¬†Multilateral Convention on Mutual Administrative Assistance in Tax …

EU Council extends scope of Automatic Exchange of Information

On 9 December 2014, the European¬†Council adopted a directive that extends the scope for the automatic exchange of information. The directive revises the¬†Mutual Assistance Directive¬†(Council Directive 2011/1/EU on administrative cooperation in the field of taxation)¬†to include¬†interest, dividends, gross proceeds from the sale of financial assets and other income, as well as account balances, within the scope of the automatic exchange …