04-Jul-2014

Law, Regulations In Effect to Facilitate Automatic Tax Information Exchange

Ministry of Finance

Industry is advised that the:

Tax Information Authority (Amendment) (No.2) Law, 2014;

Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014; and the

Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014, have been gazetted and are now in effect.

The amendment to the law is primarily to facilitate AEOI (automatic exchange of information) for tax purposes. The regulations bring into force in domestic law the obligations under the intergovernmental agreements with the US and the UK.   

With the gazetting of the law and the regulations, the FATCA Working Group is finalising updated guidance notes, which will be issued by the Tax Information Authority shortly.