argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: tax transparency - global initiative - good system

Implementation of tax transparency is an initiative that has delivered a concrete and impressive result. Another good result is that of around 90 States will be participating in this global transparency initiative under the OECD’s Common Reporting Standard (CRS). The countries have exchanged around 47 million offshore accounts with a total amount of Euros 47 trillion. This progressing change, called The Automatic Exchange of Information Initiative (AEOI) must be considered as the largest exchange of tax information in history and it has led to the progressive drop of international efforts to counter tax evasion. The exchange has been activated through 4,5000 bilateral relationships and marked the largest exchange of tax information in history. Thanks to the preliminary and methodologically OECD analysis, this system is making a good impression on bank deposits in international financial centres (IFCs). Indeed, deposits held by companies or individuals in IFCs have substantially increased from 2000 to 2008, reaching a number of USD 1.6 trillion in the last months of 2008. If compared to the last 10 years in which deposits have fallen by 34% with a decline of USD 551 billion one can state that this innovating system could be considered as good and effortless. The transparency initiative has been implemented through the G20 and has uncovered a deep pool of offshore funds, now effectively taxed by authorities worldwide.