New OECD Global Forum report says tax authorities automatically exchanged information on 123 million financial accounts worth almost 12 trillion euros last year.
- Former French budget minister Jerome Cahuzac is considering a return to politics after serving a four-year sentence for tax evasion, with two years suspended, and paying a 300,000 ($327,321) fine. As a member of former President Francois Hollande’s socialist government a decade ago, Cahuzac spearheaded the government’s push for billions of euros in tax hikes on businesses, banks, and the wealthy, and a crackdown on tax evasion. Then came news reports that Cahuzac had an unreported Swiss bank account. He vehemently denied the accusations before Parliament and to the public, but eventually resigned and a few years later went to jail after his conviction for tax evasion. Cahuzac recently told French press he’s considering a return to politics, now that his five-year ban from holding public office has expired. (Les Echos) (Ouest France) (Canard Enchainé)
- When Cahuzac was still budget minister, the Paris-based Organization for Economic Cooperation and Development was completing work on an international standard for tax authorities to automatically exchange financial information, a powerful tool in their work to catch tax evaders. The organization launched the AEOI standard in July 2014. (OECD.org)
- The OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes says in a new report that, in 2022, jurisdictions automatically exchanged tax information on over 123 million financial accounts covering assets of almost 12 trillion euros ($13.1 trillion). It says 108 jurisdictions “so far” have exchanged information under the AEOI standard, and another 15 jurisdictions will start soon. The forum released the report during its annual plenary meeting, which runs three days this week in Lisbon, Portugal, and ends Friday. (OECD.org)
- Another new Global Forum report looks at efforts by West African countries to fight base erosion and profit shifting and illicit financial flows to boost their resources for funding development in the region, which has an estimated population of 400 million. (OECD.org)
Vietnam's Parliament Approves 15% Global Minimum Tax
- Vietnam’s parliament on Wednesday approved a minimum top-up tax under OECD’s Pillar Two plan to ensure multinationals pay at least 15% tax on their global income, with the rate to take effect Jan. 1, 2024. The parliament decided to postpone measures that would have eased the higher rate’s impact on foreign investors. (Reuters)
- The UK tax authority launched a new, separate process for taxpayers to report their crypto assets and pay taxes on them. (This is Money)
- A new Spanish law requires taxpayers in the country to report their foreign crypto assets by March 31, 2024.
(Crypto Potato) - A Maryland pizza parlor owner pleaded guilty to an employment tax scheme that cost the US Internal Revenue Service a total of over $1.7 million in lost taxes over several years. (Justice.gov)
Linklaters Hires Tax Equity Specialist for Energy Infrastructure Team
- Linklaters picked up tax equity specialist Michael Rodgers as partner in Washington for its energy and infrastructure team. He was recently counsel at White & Case in Houston, advising on large-scale energy transition and renewables transactions.
(Linklaters)
