eprivateclient

OECD tax forum begins enforcement stage of economic substance legislation

News Team, 27/11/2020

The OECD Forum on Harmful Tax Practices (FHTP) will begin to move towards the “effective implementation” of its economic substance rules in January 2021.

The 12 jurisdictions affected – known as no or only nominal tax jurisdictions - will face spontaneous exchanges of information on the activities and income of entities with the jurisdictions of the immediate parent, ultimate parent and beneficial owners of such entities.

At the same time, the FHTP will launch an annual monitoring process to ensure that the 12 jurisdictions have appropriate mechanisms in place to ensure ongoing compliance with the standard.

...

Continue reading this article...


Start a free trial now for access to breaking news of the regulatory environment and legislative change happening in wealth management.







You are currently not logged in,
login to view the full article
start by clicking this button.





Need a subscription,
fill out the form here or
contact subs@eprivateclient.com


About PAM

PAM Insight is the world’s leading independent provider of essential specialist news, analysis and comparative data for the fast-evolving world of wealth management.

Read more about PAM

Subscribers

eprivateclient is the leading website and news service for private client practitioners, including lawyers, accountants, trustees and fee-based IFAs.

Read more