What is AEOI-automatic-exchange-of-tax-information?

How AEOI works?

All the information that is related to the bank and keeping safe accounts of the taxpayer, is reported to domestic tax authorities by banks. The information is then exchanged by them with the other AEOI participating countries through the tax authorities. This means that the responsibility lies on tax authorities to exchange tax related data with other AEOI partnered countries.

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What is use of AEOI?

AEOI reduces the chances of tax evasion. AEOI provides exchange of information of the non-residents financial account with tax authority in account holder’s current country of the residence. Jurisdictions’ participating in the implementation of the AEOI send as well as receives some pre-agreed information every year.

Jurisdictions that are participating in exchange of 2017 are

Argentina, Anguilla, Bermuda, Belgium, Barbados, Bulgaria British Virgin Islands, , Cayman Islands, Croatia, Colombia, Curaçao, Czech Republic, Cyprus, Denmark, Estonia, Finland, Faroe Islands, France, Gibraltar, Guernsey Germany, Greenland, Greece, , Hungary, Iceland, Ireland, India, Italy, Isle of Man, Jersey, Korea, Liechtenstein, Latvia, Luxembourg, Lithuania, Mexico, Malta, Montserrat, Niue, Netherlands, Norway, Portugal, Poland, Romania, Seychelles, San Marino, Slovak Republic, South Africa, Slovenia, Spain, Sweden, Turks and Caicos Islands, United Kingdom

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