News on Tax Law December 2017
Exchange of information in tax matters
On 30 September 2017, the first automatic exchange of information on financial accounts between Germany and 49 countries and territories for the reporting period 2016 began on the basis of the new Common Reporting Standard (CRS). 100 countries and territories have already committed themselves to introducing the common reporting standard. This regulation automatically exchanges information on accounts and investments between the countries and territories participating in this exchange of information.
Worldwide, there are already more than 2000 bilateral exchange relations between the participating countries and territories. Further countries and territories will be added from 30.9.2018.
Note: Names, addresses, account numbers, account balances of securities accounts and deposit accounts as well as sales proceeds from financial transactions, trust companies and foundations are reported, among other things. According to the OECD standard for the automatic exchange of information on financial account data, accounts not only of natural persons but also of legal entities and legal entities including trusts and foundations must be reported. In addition, the standard also includes the obligation to audit passive non-financial entities and the notification of natural persons who actually control these legal entities – i.e. the notification of the beneficial owners.