OECD releases new model
disclosure rule requiring lawyers, accountants, financial advisors,
banks, etc. to inform tax authorities of schemes they put in place for clients
to avoid reporting under Common Reporting Standard (CRS) or prevent
identification of beneficial owners of entities or trusts; Model rules
require an Intermediary or user of a CRS Avoidance Arrangement or Opaque
Offshore Structure to disclose certain information to its tax
administration; Where such information relates to users that are resident
in another jurisdiction it would be exchanged with the tax administration of
that jurisdiction in accordance with the terms of the applicable international
legal instrument; Model Rule defines hallmark for CRS Avoidance Scheme and
for Opaque Offshore Structures which specifically targets Passive
Offshore Vehicles that are held through an Opaque Structure; Further, Model
Rules provide for definition of intermediaries, timing of disclosure
requirements, information to be disclosed and penalties and other mechanisms to
deal with non-compliance
Subscribe to:
Post Comments (Atom)
All about Form 10AB in the context of Charitable Trusts:
1. Introduction: Every trust/charitable society/ NGO that wishes to claim the tax exemption benefits has to file Form 10A to seek fresh re...
-
A new website launched for TDS related matters www.tdscpc.gov.in TRACES – T DS R econciliation A nalysis and C orrection E nabling S yste...
-
LEASE-DEED (A brief Introduction) Lease defined. A lease of immovable property is a transfer of a right to enjoy such property, mad...
-
Particulars in Part 1 and Part 2 of Step-2 of registration form are required to be exactly the same as reported in the TDS statement. Plea...
-
Introduction It's important for taxpayers to have a clear understanding of the available allowances and deductions, as they can grea...
-
· Mumbai ITAT in the case of Mukesh Harilal Mehta held that Exemption U/S 54 cannot be denied merely due to mistake by the developer.
-
Earlier this year, the Mauritius Government approved the amendment to the India – Mauritius tax treaty, aligning it with the proposal of th...
-
Slump sale is transfer of one or more business undertakings for a lump sum consideration, without assigning individual values to the each...
-
An eminent concern within the GST framework pertains to the entitlement of Input Tax Credit (ITC) concerning expenditures associated with In...
-
Introduction The law relating to companies is laid down in Companies Act, 2013 and the rules made thereunder and t...
-
Facts · India company has overseas subsidiary companies and there may arise requirement wherein customer execution requires the inv...
No comments:
Post a Comment