On April 14, 2016 the Finance Ministers of the United Kingdom, Germany, Italy, France and Spain announced that their countries are going to automatically share information on the ultimate owners of companies. By doing so they intend to make it more difficult for firms to dodge tax or funnel corrupt funds. In a letter, which the 5 Ministers of Finance jointly sent to their G20 counterparts, they urge their G20 counterparts to take action.

 

Germany, Italy, the United Kingdom, Spain and France have come to an agreement that will see tax and law enforcement agencies from these five countries exchange data on company beneficial ownership registers and new registers of trusts, allowing for more effective investigation of financial wrongdoing.

 

The five Ministers of Finance have also written to their G20 counterparts. In their letter the Ministers of Finance urge for progress towards a fully global exchange of beneficial ownership information in order to remove ‘the veil of secrecy under which criminals operate’. In their letter the Ministers plea to mandate the OECD to develop common international standards for these registries and their interlinking in cooperation with FATF (Financial Action Task Force). These obviously being actions that were included in the 10 point plan that Dr. Schäubele presented earlier this week (Dr. Schäubele’s 10-step plan for a fairer international tax system and a more effective fight against money laundering).

 

Click here to be forwarded to the letter the German, UK, French, Spanish and Italian Ministers of Finance sent to their G20 counterparts.

 

 

Copyright – internationaltaxplaza.info

 

 

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