Tax News 2016/3-Automatic exchange of information

2016 has brought a dramatic change in banking data exchange between states.The first phase of the automatic exchange of tax information is on its way, in the frame of which some countries started the data collection in January 2016. From 2017, the collected information on the clients and their accounts will be forwarded to the competent tax authorities. The unconcealed aim of the new system is to empower the tax authorities to gather information about the foreign private and corporate accounts, thereby making tax evasion more difficult.

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