10: After the withdrawal of the United Kingdom from the EU, the behaviour of the AIA is as follows: – Until the end of the transitional period, the United Kingdom continues to apply EU agreements with third countries, such as the bilateral AIA agreement between Switzerland and the EU. – At the end of the transitional period, the AIA will be implemented from 1 January 2021 on the basis of multilateral agreements (Mutual Assistance Agreements in Tax Matters and MCAA). There may be different legal bases for the automatic exchange of information. These include australia`s bilateral tax agreements or the Convention on Mutual Assistance in Tax Matters (the Agreement). It is a multilateral agreement aimed at facilitating international cooperation between tax authorities, improving their capacity to combat tax evasion and avoidance and ensuring the full implementation of their national tax legislation while respecting the fundamental rights of taxpayers. The Convention provides for all forms of administrative cooperation and lays down strict rules on confidentiality and proper use of information. Australia signed the amended agreement in 2011. The AIA is an international standard governing how tax authorities in participating countries exchange data on taxpayers` bank and deposit accounts. The aim is to make tax evasion impossible. G20 member countries, the OECD and other major financial centres, with a total of more than 100 lawyers, are committed to implementing the AIA.
The United States that implements its own standard (FATCA) is an exception. Agreement between the European Union and the Principality of Monaco on the exchange of financial account information in order to improve international tax compliance, in accordance with the oecd standard for the automatic exchange of financial account information in tax matters Here you will find guidelines and information on agreements between the United Kingdom and other countries in the fight against tax evasion. Special report on automatic exchange of information (tax policy) If you have financial accounts in one of the jurisdictions participating in the AIA, this information may be provided to us. This information is intended to help you understand your obligations related to Australia`s participation in the Automatic Exchange of Information (AIA) rules regarding the automatic exchange of financial account information with foreign jurisdictions. On 29 October 2014, 51 jurisdictions, 39 of which were represented at ministerial level, signed a multilateral competent authority agreement on the automatic exchange of information on the basis of Article 6 of the Multilateral Convention. Subsequent signatures of the agreement, including a signing ceremony on the sidelines of the OECD Ministerial Meeting (June 2015), bring the total number of countries to 61. This Agreement defines the modalities for the exchange of information and when, in accordance with the standard. The list of activated bilateral trade of all states and territories can be found on the OECD website.
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