OECD report reveals disagreement on taxation of digital firms A highly anticipated OECD interim report, published today, reveals that there is still no consensus among countries on whether changes should be made to international tax rules that apply to multinational digital firms. Countries did agree to study international tax concepts to see if improvements can...Read More

Portugal bank deposits over 50,000 euros The Portuguese government issued a decree on Thursday giving tax authorities automatic access to bank account balances in excess of 50,000 euros (44,113 pounds) as part of a drive against tax evasion and money laundering. The decree was first approved by the cabinet in 2016, but vetoed by President...Read More

Money laundering and terrorist financing: new rules adopted   On 14 May 2018, the Council adopted a directive strengthening EU rules to prevent money laundering and terrorist financing. The directive sets out to close down criminal finance without hindering the normal functioning of payment systems. Amending directive 2015/849, it is part of an action plan launched...Read More

Switzerland expects automatic exchange with Hong Kong and Singapore next year   The Swiss federal government has asked Parliament to approve its plans to automatically exchange financial account information (AEOI) with Singapore and Hong Kong from Autumn 2019. Switzerland has already agreed to implement AEOI with 38 jurisdictions, including all EU Member States. In June...Read More

TAX AGREEMENTS: Singapore authorities to cooperate with ‘covert’ disclosure requests Singapore’s appeal court has confirmed that the jurisdiction’s tax authorities can disclose account information about taxpayers to foreign governments, in response to a ‘covert’ treaty request made without the subject’s knowledge. Singapore’s Comptroller of Taxes is merely expected to make ‘reasonable inquiries’ to satisfy itself...Read More