Daily Archives: 30 January 2017

Hong Kong and Korea sign agreement for automatic exchange

23 January 2017, Hong Kong signed a competent authority agreement (CAA) with Korea with a view to commencing the automatic exchange of financial account information in tax matters (AEOI) in 2019. The two countries have been exchanging tax information upon request since 2016 when the Korea-Hong Kong tax treaty entered into force, In order to…

South Africa finalises Special Voluntary Disclosure Programme

19 January 2017, the Taxation Laws Amendment Act 2016, which confirmed the final details of the Special Voluntary Disclosure Programme (SVDP), was promulgated. The SVDP provides a final window of opportunity for taxpayers to regularise their tax and exchange control affairs before automatic exchange of information under the OECD’s Common Reporting Standard (CRS) gets underway…

US signs FATCA IGAs with Bahrain and Greece

18 and 19 January 2017, the US signed Model 1 intergovernmental agreements (IGAs) with Bahrain and Greece respectively US to facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA) by financial institutions (FIs). FATCA is intended to ensure that the US Internal Revenue Service obtains information on financial accounts held at foreign financial…