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Tax Information Exchange - EU Savings Tax Directive
Financial secrecy has been under attack for at least the last ten years, firstly under the guise of combating money laundering, followed by terrorist financing and more recently to provide additional information to fiscal authorities determined to squeeze every last cent of tax out of their residents. A number of international bodies have been set up, and treaties entered into to co-ordinate these and other matters. Our intention here though is to limit ourselves to those relating to the EU Directive and Tax Information Exchange Agreements and to set out how they apply to some of the offshore territories in which our clients have interests. Not all of the agreements are yet in force, but it is only a matter of time.
Jurisdiction
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EU Savings Tax Directive *
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Tax Information Exchange
Agreements ** |
| Bahamas |
N/A |
U.S.A. |
| Belgium |
Withholding tax |
None |
| British Virgin Islands |
Withholding tax |
U.S.A. U.K. |
| Cayman Islands |
Withholding tax |
U.S.A. U.K. Ireland |
| Cyprus |
Information Exchange |
U.S.A. Belgium |
| Dubai |
N/A |
None |
| Gibraltar |
Withholding tax |
As per U.K. |
| Guernsey |
Withholding tax |
U.S.A. U.K. E.U. |
| Hong Kong |
N/A |
None |
| Isle of Man |
Withholding tax |
U.S.A. U.K. E.U. |
| Jersey |
Withholding tax |
U.S.A. U.K. E.U. |
| Luxembourg |
Withholding tax |
None |
| Malta |
Information Exchange |
None |
| Mauritius |
N/A |
None |
| Netherlands |
Information Exchange |
U.S.A. |
| Portugal |
Information Exchange |
None |
| Singapore |
N/A |
None |
| Spain |
Information Exchange |
None |
| Switzerland |
Withholding tax |
Canada, Hong Kong, U.S.A. |
| Turks & Caicos Is. |
Withholding tax |
None |
| U.K. |
Information Exchange |
B.V.I. Cayman Islands, Guernsey, Isle of Man, Jersey |
*EU Savings Tax Directive
Information relating to savings interest paid in one EU State to residents of another is automatically exchanged. Three States and the Dependent and Associated Territories are being instead permitted to levy a withholding tax for a transitional period.
**Tax Information Exchange Agreements
Bilateral agreements between tax authorities providing for exchange of information. Dependent and Associated Territories of EU Member States are obliged to share information on savings interest with EU Member States. TIEA’s are not limited to EU States, various non OECD members are entering into agreements with OECD member States. The U.S.A. has entered into at least ten such agreements.
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