The UK tax authorities said they will adopt the country-by-country reporting provisions of the EU Capital Requirements Directive 4 (CRD4) and Capital Requirements Regulation (CRR) proportionately and in a way that is consistent with how other member states implementing them and with international tax transparency initiatives, even though the government voted against them in the European Council.
The Government Accountability Office (GAO) in the US has criticised the Internal Revenue Service (IRS) for failing to evaluate whether the goals of its Compliance Assurance Process (CAP) are being met and whether to expand the progamme.
Both houses of the Swiss parliament have now approved the intergovernmental agreement (IGA) between Switzerland and the US to implement the Foreign Tax Compliance Act (Fatca).
Taxpayers will have to think carefully about the jurisdictions they use for their French transactions after the government in Paris published its annual update of countries that it believes do not comply with international standards of exchange of information, adding the British Virgin Islands (BVI), Jersey and Bermuda to the list and removing the Philippines. These changes are retroactive from January 1 this year.
