The Tax Justice Network (TJN) has described the Common Reporting Standard (CRS) and the signing this week of the multilateral competent authority agreement to implement it as “progress” and “a good first step” towards automatic information exchange (AIE) and the elimination of illicit financial flows, but has refused to give them its unqualified support.
The heads of tax administration from 38 countries have agreed to implement three actions which they say will help them to work closer together, coordinate their actions, share knowledge and deal with any tax administration aspects arising from the base erosion and profit shifting (BEPS) project.
The Irish government announced in its 2015 Budget the abolition of the double-Irish structure and its intention to introduce an income-based system for the taxation of intellectual property, which it is calling a Knowledge Development Box.
The Irish government announced in its 2015 Budget today the abolition of the so-called double-Irish structure and its intention to introduce an income-based system for the taxation of intellectual property, which it is calling a Knowledge Development Box.
Fifty countries, including 26 of the EU’s 28 member states, though not the US, have signed up to be early adopters of the Common Reporting Standard (CRS), the instrument unveiled by the OECD in July to implement the global exchange of tax information.
The Revenue Commissioners in Dublin have published guidance notes on America’s Foreign Account Tax Compliance Act (FATCA), giving financial institutions in Ireland more information about how they should comply with the due diligence and reporting requirements in the controversial law.
