Last updated: Nov 20, 2020
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Tax havens - a big challenge
Experts estimate annual global revenue loss of $200b as result of abuse of tax havens
Salaried class contributed Rs69.4 billion or 7.8% of the total income tax collection in the first half, which was higher by 20% when compared with the same period of last year. PHOTO: FILE
ISLAMABAD:
The Panama Papers, Luxembourg Leaks and Paradise Leaks clearly reveal how tax evasion and money laundering are being carried out on a massive scale through tax havens across the globe.
The ill-gotten and tax-evaded money channeled/ laundered through tax havens has become a global issue for the developing and the developed economies alike.
Uganda commits to start automatic exchange of financial account information by 2023
Exchange of information
17/02/2021 – Uganda has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2023. The commitment made by the Minister of Finance, Planning and Economic Development, the honorable Matia Kasaija, makes Uganda the 116
Maria José Garde, Chair of the Global Forum, said “I am delighted to welcome Uganda’s commitment to the AEOI Standard. As for the 115 other committed jurisdictions, the Global Forum will monitor Uganda’s progress in delivering its commitment to start exchanging automatically by September 2023 and updates will be provided to our members and the G20. The Global Forum Secretariat will assist Uganda in implementing the Standard and in addressing any challenges that may arise”.
Uganda commits to start automatic exchange of financial account information by 2023
Exchange of information
17/02/2021 – Uganda has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2023. The commitment made by the Minister of Finance, Planning and Economic Development, the honorable Matia Kasaija, makes Uganda the 116
Maria José Garde, Chair of the Global Forum, said “I am delighted to welcome Uganda’s commitment to the AEOI Standard. As for the 115 other committed jurisdictions, the Global Forum will monitor Uganda’s progress in delivering its commitment to start exchanging automatically by September 2023 and updates will be provided to our members and the G20. The Global Forum Secretariat will assist Uganda in implementing the Standard and in addressing any challenges that may arise”.
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As known, Multilateral Competent Authority Agreement on
Automatic Exchange of Financial Account Information (the Agreement)
was signed on 21.04.2017 after 6 years by 107 countries so far,
including Turkey which approved the Agreement on 21.12.2019.
According to the Agreement, the signatory countries will share the
financial account information of the resident of the relevant
country which is collected from the financial institutions every
year automatically without any request.
Turkish Revenue Administration had published the Guideline on the Application of the Automatic
Exchange of Financial Account Information in Tax Issues