FSI Tax Alert (11/04/2013)
Tax Information Exchange among the G5 Countries
Taking a page from the United States’ FATCA playbook, the United Kingdom, France, Germany, Italy, and Spain have announced an agreement to develop a multilateral tax information exchange methodology among the G5 countries. The agreement is expected to allow for the automatic exchange of financial information among the G5 countries and lays the groundwork for expanding multilateral automatic tax information exchange protocols to other European countries including the G8. Similar to FATCA, the information exchange will help identify and deter residents from evading local tax and promote enhanced cross border financial information reporting.
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