The Move towards AEOI as the New International Standard Duncan Nicol Director, Department for International Tax Cooperation
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1 The Move towards AEOI as the New International Standard Duncan Nicol Director, Department for International Tax Cooperation Thursday, 23 January 2014 Grand Cayman
2 Outline International Context EOI in Cayman Implementation of AEOI Global Forum
3 International Context Where were we on the journey? Harmful Tax Practices Report Cayman TIEA with US Tax Information Authority Law; EUSD implemented Restructured Global Forum
4 International Context Where were we on the journey? US introduces FATCA legislation US, countries begin developing FATCA IGAs; UK announces FATCA-type arrangements with OTs and CDs; OECD discusses multilateralisation of FATCA Where are we now?
5 International Context G20 Finance Ministers - Mexico City, February 2012 CALL upon all countries to join the Global Forum, sign the Multilateral Convention and improve comprehensive information exchange, including automatic exchange of information G20 Leaders Declaration - Los Cabos, June 2012 LEAD by example in implementing this practice G20 Finance Ministers - Washington D.C., April 2013 URGE all jurisdictions to move towards AEOI Global Forum will be in charge of monitoring
6 International Context G20 Leaders Communiqué - St Petersburg - September 2013 fully endorse and commit to AEOI as the new global standard fully support the OECD in presenting the Common Reporting Standard (CRS) as the new single global standard for AEOI by February 2014 finalising technical modalities of effective AEOI by mid-2014
7 International Context G20 Leaders Communiqué - St Petersburg - September 2013: expect to begin to exchange information automatically on tax matters among G20 members by the end of 2015 look forward to the practical and full implementation of the new standard on a global scale ask the Global Forum to establish a mechanism to monitor and review the implementation of the new global standard on AEOI
8 International Context G20 G8 G5
9 International Context G20 G8 G5 UK + US + EU
10 International Context G20 G8 G5 UK + US + EU OECD + CRS
11 International Context G20 G8 G5 UK + US + EU OECD + CRS AEOI
12 International Context Joint Statement, November 2013 tax evasion is a global problem and requires a global solution commit to early adoption of the CRS only those financial centres which embrace the new tax transparency and work in close cooperation to tackle cross-border tax evasion will prosper * welcome the establishment of a Global Forum AEOI group commit to playing a full and active role in this process *
13 EOI in Cayman - Then TIEAs International Tax EU tax initiatives/ EUSD
14 EOI in Cayman - Now UK FATCA TIEAs G20/ G8 US FATCA EU tax initiatives/ EUSD International Tax OECD/CoE Multilateral Convention Multilateral Automatic EOI /G5 Pilot Global Forum Reform of Corporate Tax Rules Base Erosion and Profit Shifting (BEPS)
15 EOI Methods in Cayman On request TIEA / DTA Multilateral Convention Automatic EUSD FATCA CRS Multilateral Convention Both methods co-exist
16 AEOI Implementation How does the OECD define AEOI? the systematic and periodic transmission of bulk taxpayer information information is normally collected in the source country on a routine basis and is exchanged automatically countries need appropriate formats, operational processes and a legal framework to permitting AEOI
17 AEOI Implementation What is the OECD approach to AEOI? a standardised, secure and effective system of AEOI development of a common model for reporting AEOI maximise compliance benefits, reduce costs and provide safeguards based on FATCA Model 1 IGA
18 AEOI Implementation FATCA Working Group All AEOI FATCA UK FATCA CRS Primary enabling legislation Regulations Guidance / Commentary
19 AEOI Implementation
20 AEOI Implementation FATCA Working Group IT / Schema / Technical issues Sub-groups on specific industry sectors / topics Timeline FATCA CRS
21 Global Forum Status and role of Global Forum Key outcomes of 6th Plenary Jakarta, November 2013 recognised the shift in global agenda on tax issues / emergence of AEOI as new global standard established new AEOI Group with new terms of reference and methodology for monitoring AEOI
22 Global Forum Key outcomes of 6th Plenary Jakarta, November 2013 continued monitoring of implementation of EOI on request through a Phase 3 review for all Global Forum members, starting in 2016 Terms of Reference for EOI on request to be reviewed in light of the changing transparency environment and peer review experience Cayman s role in GF
23 Conclusion International Context EOI in Cayman Implementation of AEOI Global Forum
24 Contact: Duncan Nicol Director Department for International Tax Cooperation Michelle Bahadur Director Department for Financial Services Policy and Legislation
25 The Move towards AEOI as the New International Standard Duncan Nicol Director, Department for International Tax Cooperation Thursday, 23 January 2014 Grand Cayman
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