TaxSource Total

Here you can access summary of the key current tax developments in Ireland, the UK and internationally as reported by Chartered Accountants Ireland

The report of key tax developments are displayed per year, per month, by Ireland, the UK or International and by report title

OECD updates Model Tax Convention to Extend Information Requests to Groups of Taxpayers

The OECD has updated Article 26 of the OECD Model Tax Convention to allow tax authorities ask for information on a group of taxpayers, without naming them individually, provided the request is not a ‘fishing expedition’. Article 26 sets out the international standard on exchange of information, where the information is “foreseeably relevant” for the administration of the taxes of the requesting party, regardless of bank secrecy and a domestic tax interest.

According to the OECD, the new Article 26 facilitates exchange of tax information among law enforcement agencies to fight tax crimes and other criminal activities more effectively and all OECD countries have endorsed this latest update.