Defending the interests of the Swiss banking industry has not been the easiest challenge in recent years, particularly when it comes to tax. The role has fallen for the last five years to Patrick Odier, chairman of the Swiss Bankers’ Association (SBA), which has 317 institutional members and about 18,500 individual members. He talks to Ralph Cunningham of International Tax Review about some of the group’s objectives for 2014 and what it hopes to achieve next year.
Public oil, gas and mining companies in the UK will now have to report what payments they make to governments on a country-by-country and project-by-project basis, after the UK became the first member state to put reporting provisions of the EU Accounting Directive into its national law this week.
The US Treasury has responded to calls for clarity about the status of jurisdictions that have agreed in substance an intergovernmental agreement (IGA) with the US to implement the Foreign Account Tax Compliance Act (FATCA), but will not have signed it by the end of 2014.
Form 76 introduces new information reporting rules for Mexican taxpayers, requiring them to disclose transactional details in a range of areas such as transfer pricing, financing and reorganisations.
The Mexican tax authorities have just added to the compliance burden of taxpayers by setting out new information reporting requirements relating to topics such as the financing of derivatives transactions, transfer pricing, restructurings and reorganisations.
More than half the financial institutions polled for a survey on FATCA [Foreign Account Tax Compliance Act] reporting have said they will spend more than originally planned to comply with the law.
