On December 11, 2017 the OECD published a Public Discussion Draft titled: “Mandatory Disclosure Rules for Addressing CRS Avoidance Arrangements and Offshore Structures”. seeking stakeholder input on such model mandatory disclosure rules. The model rules are intended to target promoters and service providers with a material involvement in the design, marketing or implementation of CRS avoidance arrangements or offshore structures. The proposed rules would require such intermediaries to disclose information on the scheme to their national tax authority. The rules contemplate that information on those schemes (including the identity of any user or beneficial owner) would then be made available to other tax authorities in accordance with the requirements of the applicable information exchange agreement.

 

Public input is sought on all aspects of these model rules. Submissions on this document will be taken into account in preparing the report that will to be sent to the G7 Finance Ministers under the Canadian Presidency.

 

The consultation period runs until January 15, 2018.

 

The consultation document, contains three main parts:

I     A brief introduction to the draft Mandatory Disclosure Rules;

II    The draft Mandatory Disclosure Rules, including the related draft Commentary, addressing the following key aspects:

– Definition of a CRS Avoidance Arrangement

– Definition of an Offshore Structure

– Disclosure requirements on Intermediaries

– Information reporting

– Penalties; and

III  An Annex containing the consolidated Mandatory Disclosure Rules.

 

Click here to be forwarded to the Public Discussion Draft titled: “Mandatory Disclosure Rules for Addressing CRS Avoidance Arrangements and Offshore Structures” as published by the OECD on December 11, 2017.

 

 

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