Market Insights
from around the world
No hiding place as 50 countries sign
deal to share information
The G20 and Organisation for Economic
Co-operation and Development (OECD) have
joined with most major financial centres in a
new agreement to share financial data. The
move is a result of a determined effort on the
part of international authorities to crack down
on tax evasion in order to collect as much
revenue as they can. The signing took place
during a meeting of the Global Forum on
Transparency and Exchange of Information for
Tax Purposes, held in late 2014 in Berlin.
The signatories will begin to exchange
tax information in 2017. The process will
allow them to automatically collect more
information on taxpayers’ foreign-held assets
than ever before.
58 jurisdictions, known as the “early adopters”,
have pledged to make the first exchange in
2017. This includes the UK, Spain, France,
Portugal, Cyprus, Malta, Germany, Italy, Isle
of Man, Jersey, Guernsey, Gibraltar, Bermuda,
Cayman Islands, British Virgin Islands, Ireland,
Iceland, Liechtenstein, Luxembourg, San
Marino, Seychelles, Argentina and South Africa.
A further 35 jurisdictions have said they will
start in 2018, including Australia, Austria,
Bahamas, Brazil, Brunei, Canada, China, Hong
Kong, Monaco, Qatar, Russia, Singapore, United
Arab Emirates and Switzerland.
Interestingly, the cash-strapped and debtridden United States is not a signatory to the
list. However, it has its own Foreign Account
Tax Compliance Act (FATCA) under which it will
commence sharing tax information with nations
around the world even earlier - this year.
The new global standard for the automatic
exchange of financial and tax materials is
the first automatic exchange programme.
Previously, authorities were required to institute formal requests for such information.
Among the types of information that will be
shared will be: bank balances, interest, dividends and sales proceeds from financial assets.
Accounts in the name of individuals, trusts and
foundations are included.
Vienna seen as top city for quality
of life
Vienna tops all major world cities in Mercer’s
Quality of Living Rankings 2015. The Austrian
capital heads the list based on its infrastructure, health care and recreational opportunities, as well as its stable and safe environment.
Overall, European cities dominate the top of
the ranking along with major cities in Australia
and New Zealand. Vienna is followed by Zurich,
Auckland, Munich and Vancouver, in that order.
The west-coast Canadian metropolis is the only
North American city in the Top 10.
Amongst Asian cities, Singapore ranks
highest at No. 26. Dubai, at No. 74, is first
amongst Middle Eastern and African nations.
Montevideo is South America’s highest ranking
city at No. 78.
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