Compliance & Regulation

New Crack Down On Offshore Tax Dodgers Ready For Action

Governments around the world are about to switch on a huge data exchange network aimed at catching offshore tax dodgers. The latest announcement about the network, called the common reporting standard, lists more than 3,200 treaties between more than 100 countries that are taking part.

All are ready to start swapping data from September – and some have started already.

The common reporting standard is an agreement between tax authorities to notify each other about offshore accounts and investments held by offshore taxpayers living in foreign countries.

So, British taxpayers with bank accounts or investments held in Dubai or Abu Dhabi, United Arab Emirates will have their personal and financial details logged with HM Revenue & Customs.

READ THE ARTICLE by iexpats