OECD has emphasized the benefits to tax administrations of the automatic reporting of information by financial institutions for both (a) domestic tax compliance and tax administration and (b) the automatic exchange of information with tax treaty partners

Automatic reporting of information by financial institutions can be very useful to tax administrations for the verification of information reported by taxpayers.

Such automatic reporting by payors of income could be considered the most effective procedure for enabling a Government to acquire relevant tax information.

During the reporting period, the Bosnia and Herzegovina authorities made significant strides towards implementing a single set of tax rules, applicable throughout the country.

France imposed on its banks strong transparency and reporting requirements for banking activities in tax havens, in addition to the international standard for information exchange.

Many tax administrations also receive certain types of information from banks (e.g., amount of interest payments) on an automatic basis, which greatly facilitates domestic tax administration and potentially expands the types of information that may be exchanged with treaty partners on an automatic basis Tax administrations and taxpayers can benefit from automatic reporting of information by financial institutions.

As indicated above, OECD has in effect indicated that such automatic reporting is the most effective method of enabling a Government to obtain the relevant tax related information.

In addition, automatic reporting enables tax administrations to implement programmes that may benefit taxpayers by reducing their compliance burden. Without access to bank information, none of these benefits can be achieved.

Tax revenue can be raised without increasing marginal tax rates by limiting the tax subsidies that are built into the current tax code.

If the transmitting State does not generally receive that information from payors of income by a method of automatic reporting, the transmitting State generally cannot exchange information automatically with tax treaty partners.

A tax called a death tax is regarded very differently from a tax called an inheritance tax, even though the two are really identical.

Previous positions include Director, International Tax Relations, Tax Policy Department Director, Tax Department, Italian Banking Association and Economic Adviser to the Minister of Finance for international tax policy and financial tax issues.

If the transmitting State does not impose any tax on such income, it may exempt from the automatic reporting requirement those payments from payors of income in the transmitting State to foreign persons.

All for One Tax and One Tax for All?

Capital tax differences among countries would induce capital to flow from the high tax to the low tax economies. Such tax induced distortions would lead to an inefficient regional allocation of investment and possible tax competition.

a Airstrip includes use tax, landing fee and passenger tax.

Reporting

Reporting

Reporting

Reporting

Reporting

Reporting

Previous positions include Deputy Director General, Foreign Investment Taxation Department Chief, Income Tax Division, Foreign Investment Taxation Department and Chief, Tax Policy and Tax Administration Divisions, Offshore Oil Tax Administration.

Tax revenue

According to the GAO, 80 of state tax officials opposed a national sales tax as an intrusion on their tax base.

For example, we can choose how much to collect via a general income tax, a payroll tax, a consumption tax (such as a sales or value added tax), and so on.

This can include broadening the tax base, reducing tax avoidance and evasion, improving tax collection, and developing new, cooperative international taxation strategies.

This tax credit replaces the family benefits program, the non refundable tax credit for dependent children and the tax reduction for families.

The Laffer curve embodies a tenet of supply side economics that government tax revenues from a specific tax are the same (nil) at 100 tax rates as at 0 tax rates respectively.

The top personal income tax rate (also levied on capital gains), the sales tax rate, the corporate tax rate, and the gas tax are all at or near the highest of any state.

Public reporting

Reporting guidelines

Reporting Requirements

Reporting schedule

Law Reporting

Committee reporting.

Non reporting

Fundamental tax reform must strengthen incentives, reduce distorting tax expenditures, and raise revenue.

Deputy International Tax Counsel, Office of International Tax Counsel, Department of the Treasury.

An Inequality Tax

Evading Tax Evasion

in Tax Matters

New tax system

2220 Stamp tax

2250 Statistical tax