Turks and Caicos publishes International Tax Compliance Regulations 2016

Turks and Caicos published the International Tax Compliance Regulations 2016 (Link) incorporating the United Kingdom and Turks and Caicos Islands Agreement to Improve International Tax Compliance (Link), Turks and Caicos Islands and United States of America Agreement to Improve International Tax Compliance (Link) and the Common Reporting Standard (“CRS”) to the national law. The Regulations took effect on 1 April 2016. According to the law, the cut-off date for new/preexisting accounts is 31 December 2015, while they will also adopt the wider approach.

U.S. signs Competent Authority Arrangements with Cyprus, France and Slovak Republic

In April 2016, the U.S. signed Competent Authority Arrangements (“CAA”) with the Cyprus (Link), France (Link) and the Slovak Republic (Link) in accordance with the IGA signed between these jurisdictions (Link-Cyprus) (Link-France) (Link-Slovak Republic). In general, a Competent Authority Arrangement is a bilateral agreement between the U.S. and a treaty partner to clarify or interpret treaty provisions (Link). The CAAs establish the procedures for the automatic exchange obligations and for the exchange of information between these jurisdictions.

International organizations release a “concept note” supporting the international cooperation on tax transparency

On 19 April 2016, the International Monetary Fund (“IMF”), the Organisation for Economic Co-operation and Development (“OECD”), the United Nations (“UN”) and the World Bank (“WB”) published a “Concept Note” on the topic of the Global Cooperation of Tax Matters and announced their new initiative to foster this objective, namely the “Platform for Collaboration on Tax” (Link). This Platform will serve as a forum for discussions on how to develop a common approach to international tax matters, support developing countries in implementing international tax initiatives (e.g. OECD BEPS) through capacity building / technical assistance and will share information on various activities.

Cayman Islands issues CRS Guidance Notes

On 12 April 2016, the Cayman Islands Tax Information Authority (“TIA”) released CRS Guidance Notes (Link). According to the Guidance Notes the first reporting date for Cayman Financial Institutions will be 31 May 2017, and the reporting schema will be the CRS XML Schema (Link), available at the OECD Automatic Exchange Portal.

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