From: Waverly Bay
For those of you who use or are thinking of using tax havens as part of sexy structures to minimise your tax.... the following may be of interest to you.
The agreement applies to the US/Caymans for the time being. The scope of the exchange of information relates to "criminal tax evasion", civil and administrative matters. Pretty wide scope...for IRS to check out the dealings of taxpayers using tax havens - legit or non legit.
The bigger issue though....is this setting a precedent for other countries like australia to negotiate similiar exchange of information agreements with tax haven countries?
cheers
waverly
=========================================================
Law-Now Asia - CMS Cameron McKenna's electronic information service for Asia
www.law-now.com
=========================================================
The United States have signed a new agreement with the
United Kingdom regarding the Cayman Islands on 27 November
2001, that allows for exchange of information on tax matters
between the United States and the Cayman Islands (the "Agreement").
The Agreement provides for exchange of information,
upon request, for criminal tax evasion, civil and
administrative matters relating to U.S. federal income tax.
The parties to the Agreement have the authority to obtain
information held by banks, other financial institutions,
and any person including nominees and trustees acting in any
agency or fiduciary capacity. They also have the authority
to request information regarding the beneficial ownership
of companies, partnerships and other persons, including
in the case of collective investment funds, information on
shares, units and other interests; and in the case of trusts,
information on settlers, trustees and beneficiaries. All
information provided and received by the competent
authorities of the parties is required to be kept confidential
and may not be disclosed to any third party.
The Agreement applies to criminal tax evasion and will
commence on 1st January 2004, and will take effect two years
later for other tax investigations.
For those of you who use or are thinking of using tax havens as part of sexy structures to minimise your tax.... the following may be of interest to you.
The agreement applies to the US/Caymans for the time being. The scope of the exchange of information relates to "criminal tax evasion", civil and administrative matters. Pretty wide scope...for IRS to check out the dealings of taxpayers using tax havens - legit or non legit.
The bigger issue though....is this setting a precedent for other countries like australia to negotiate similiar exchange of information agreements with tax haven countries?
cheers
waverly
=========================================================
Law-Now Asia - CMS Cameron McKenna's electronic information service for Asia
www.law-now.com
=========================================================
The United States have signed a new agreement with the
United Kingdom regarding the Cayman Islands on 27 November
2001, that allows for exchange of information on tax matters
between the United States and the Cayman Islands (the "Agreement").
The Agreement provides for exchange of information,
upon request, for criminal tax evasion, civil and
administrative matters relating to U.S. federal income tax.
The parties to the Agreement have the authority to obtain
information held by banks, other financial institutions,
and any person including nominees and trustees acting in any
agency or fiduciary capacity. They also have the authority
to request information regarding the beneficial ownership
of companies, partnerships and other persons, including
in the case of collective investment funds, information on
shares, units and other interests; and in the case of trusts,
information on settlers, trustees and beneficiaries. All
information provided and received by the competent
authorities of the parties is required to be kept confidential
and may not be disclosed to any third party.
The Agreement applies to criminal tax evasion and will
commence on 1st January 2004, and will take effect two years
later for other tax investigations.
Last edited by a moderator: