tag: information exchange

At the beginning of April, a new OECD standard came into force, by virtue of which tax authorities will be better placed to monitor the activities of companies registered in tax havens and to access their key financial data. Although it remains to be seen how the Hungarian Tax and Customs Administration (NAV) will use this information, several popular tax minimisation strategies may be at risk.

Based on a recently announced EU directive, your name and any tax advice you have received could end up with the tax authority. From July 2020, tax advisors, or in certain cases the taxpayers themselves, will be required to inform the tax authority of the details of certain tax planning structures that are classified as aggressive under the new directive. And what’s more, the disclosure obligation will apply retrospectively to all structures that taxpayers started implementing after 25 June 2018.

While more and more people all around the world are being bitten by the bitcoin bug, tax authorities are subjecting transactions executed with the cryptocurrency to ever closer scrutiny. Meanwhile, it is increasingly obvious that the world of bitcoin is starting to give shape to a new form of tax haven.