Turkey Turns to E-Finance to Fight Shadow Economy | PYMNTS.com

Turkey Turns to E-Finance to Fight Shadow Economy | PYMNTS.com.


Switzerland Passes Anti-Tax Evasion Bill

by Ulrika Lomas, Tax-News.com, Brussels

18 March 2014

The Swiss Council of States has adopted a bill forwarded on from the Federal Council with modifications, implementing the revised Financial Action Task Force (FATF) Recommendations.

Lawmakers increased the tax threshold for a case of tax evasion to be deemed to be a serious tax offence, from CHF200,000 (USD229,164) to CHF300,00. Furthermore, they agreed to limit cash payments to CHF100,000.

Swiss business federation Economiesuisse said that the Council of States had needlessly surpassed the FATF requirements. In its current form, the proposed legislation risks burdening banks with excessive bureaucracy, and places undue restrictions on businesses, the group said.

Economiesuisse said that as well as raising the qualifying threshold for a major tax offence, lawmakers should add a further criterion – multiple offences, to give financial intermediaries greater certainty when reporting their clients to the tax authority.

Economiesuisse also said that limiting cash payments is both unnecessary and arbitrary. It called on the National Council to improve the bill.

– See more at: tax-news.com

OECD Working Group on Bribery – Annual Report


Working Group on Bribery Annual Report front cover, shadow‌Date of publication
10 June 2013

Previous editions

2012 English  | Français

2011 English | Français

2010 English |  Français




Published each year in June, the annual report of the OECD Working Group on Bribery provides a brief overview of the OECD Anti-Bribery Convention and how it works. It also outlines how the Working Group on Bribery contributes to the global fight against corruption.2013 (pdf) – including enforcement data



  • Message from the Secretary-General
  • Message from the Chair of the Working Group
  • Setting the standard – the Anti-Bribery Convention
  • Working Group data on enforcement of the Anti-Bribery Convention
  • Monitoring compliance and implementation of the Convention
  • Working with key partners in the fight against foreign bribery
  • Global relations activities
  • A holistic approach to fighting foreign bribery – engagement with partners
  • OECD support for related anti-corruption initiatives
  • Appendix 1 – Parties to the Convention
  • Appendix 2 – Executive summaries of Phase 3 monitoring reports for
    – Australia
    – Austria
    – France
    – Greece
    – Hungary
    – Netherlands
    – Slovak Republic
    – Spain
    – Sweden
    – United Kingdom

OECD: Exchange of information Standard for Automatic Exchange of Financial Account Information

Common Reporting Standard

‌‌Standard of Automatic Exchange of Financial Cover Page‌‌Publication Date: 13/02/2014

G20 Leaders at their meeting in Russia in September 2013 fully endorsed the OECD proposal for a truly global model of automatic exchange and invited the OECD working with G20 countries to present such a new single standard for automatic exchange of information in time for the February 2014 meeting of the G20 Finance Ministers and Central Bank Governors.

The standard contained in this report and released in preparation for that meeting calls on jurisdictions to obtain information from their financial institutions and automatically exchange that information with other jurisdictions on an annual basis. It sets out the financial account information to be exchanged, the financial institutions that need to report, the different types of accounts and taxpayers covered, as well as common due diligence procedures to be followed by financial institutions. Part I of this report gives an overview of the standard. Part II contains the text of the Model Competent Authority Agreement (CAA) and the Common Reporting and Due Diligence Standards (CRS) that together make up the standard.

The new standard draws extensively on earlier work of the OECD in the area of automatic exchange of information. It incorporates progress made within the European Union, as well as global anti-money laundering standards, with the intergovernmental implementation of the US Foreign Account Tax Compliance Act (FATCA) having acted as a catalyst for the move towards automatic exchange of information in a multilateral context.

Presentation of the new Common Reporting Standard for automatic exchange of information in tax matters

Thursday 13 February 2014, 10H00 at the OECD (Paris)

OECD 10/02/2014 – Co-operation between tax administrations is critical in the fight against tax evasion. A key aspect of that co-operation is exchange of information between jurisdictions. Political interest has increasingly focused on the opportunities provided by automatic exchange of information.  In 2013, the G20 endorsed automatic exchange as the expected new standard, and asked the OECD to work with countries toward the development of this new multilateral standard.

Pascal Saint-Amans, director of the OECD Centre for Tax Policy and Administration (CTPA), and Achim Pross, head of the Centre’s international co-operation division, will present the result of that work during a briefing for the press starting at 10H00 on Thursday 13 February 2014 at the OECD. The new Common Reporting Standard will be presented for endorsement to G20 ministers of finance and heads of central banks during a ministerial-level meeting in Sydney, Australia on 22-23 February.


Bringing International Tax Rules Into the 21st Century


Organization for Economic Cooperation and Development

It’s a watershed moment for international tax policy. The debate over tax evasion by the wealthy and tax avoidance by multinational corporations has never before grabbed so many headlines or caused…

Read Post (via Huffington Post)