The UK government has released regulations implementing automatic exchange of information under the European Union Revised Directive on Administrative Cooperation and under the Multilateral Competent Authority Agreement implementing the Common Reporting Standard. The regulations, released March 24, also make minor changes to existing rules implementing the UK’s FATCA agreement with the US.
The goverment also released its response to a consultation on the obligations of financial institutions to collect, maintain, and report data to HMRC to enable automatic exchange of information. In the March 26 document, the government said that respondents to the consultation were generally supportive of the government’s goal of tackling offshore tax evasion through automatic exchange of information, but wanted to minimize burdens from the implementation of the Common Reporting Standard.
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