The International Mutual Administrative Assistance in Tax Matters Order, SI 2011/1079, brings into effect arrangements set out in a Protocol (signed on behalf of the UK in May 2010) to the joint Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters.
The International Mutual Administrative Assistance in Tax Matters Order, SI 2011/1079, brings into effect arrangements set out in a Protocol (signed on behalf of the UK in May 2010) to the joint Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters.
The Convention is a multilateral agreement drawn up under the aegis of the CoE and OECD and provides a legal framework to facilitate international cooperation through mutual administrative assistance in tax matters, HMRC said in an explanatory note.
‘Its objective is to enable each signatory to the Convention to counter international tax evasion and better enforce its national tax laws, while at the same time respecting the rights of taxpayers.'
The Protocol includes changes to the provisions relating to exchange of information upon request.
‘These amendments are consistent with the approach to exchange of information adopted in other international instruments and models, notably the OECD Model Tax Convention on Income and on Capital. The other significant change made by the Protocol is to enable any State that is not a member of either the CoE or OECD to adhere to the Convention as amended,’ HMRC said.
‘This delivers on a request at the G20 London Summit of April 2009 to make it easier for developing countries to secure the benefits of the new cooperative tax environment, including a multilateral approach for the exchange of information.’
The International Mutual Administrative Assistance in Tax Matters Order, SI 2011/1079, brings into effect arrangements set out in a Protocol (signed on behalf of the UK in May 2010) to the joint Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters.
The International Mutual Administrative Assistance in Tax Matters Order, SI 2011/1079, brings into effect arrangements set out in a Protocol (signed on behalf of the UK in May 2010) to the joint Council of Europe/OECD Convention on Mutual Administrative Assistance in Tax Matters.
The Convention is a multilateral agreement drawn up under the aegis of the CoE and OECD and provides a legal framework to facilitate international cooperation through mutual administrative assistance in tax matters, HMRC said in an explanatory note.
‘Its objective is to enable each signatory to the Convention to counter international tax evasion and better enforce its national tax laws, while at the same time respecting the rights of taxpayers.'
The Protocol includes changes to the provisions relating to exchange of information upon request.
‘These amendments are consistent with the approach to exchange of information adopted in other international instruments and models, notably the OECD Model Tax Convention on Income and on Capital. The other significant change made by the Protocol is to enable any State that is not a member of either the CoE or OECD to adhere to the Convention as amended,’ HMRC said.
‘This delivers on a request at the G20 London Summit of April 2009 to make it easier for developing countries to secure the benefits of the new cooperative tax environment, including a multilateral approach for the exchange of information.’
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