Watchman News- Australian banks resist global tax crackdown Australian banks are stalling on a deal that will help expose tax evaders to global authorities. The information sharing deal, part of the G20 talks in Australia this year, requires banks to pass on information about their customers to the Australian Tax Office. The deal has been signed by more than 40 countries, including Britain, the US and tax havens such as the British Virgin Islands. Australia has signalled it will implement the deal but is refusing to make a firm commitment before consulting with business. In a submission to the Treasury, the Financial Services Council, which represents the big four banks through their financial planning arms, said complying with the new rules would create significant costs to members, which would then be passed on to customers. It called on the government to make some accounts exempt from the rules, such as trusts used to hold pension or super funds. This would bring it into line with the Foreign Account Tax Compliance Act with the US, it said. Read Full Article The post Australian banks resist global tax crackdown appeared first on Trunews:. ift.tt/1qW2Yjo #trunews #docburkhart
Posted on: Tue, 02 Sep 2014 02:36:30 +0000
Trending Topics
Recently Viewed Topics
© 2015