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Tax Engineering

Financial entity obliged to exchange banking information


Question

What are the financial entities that are obliged to exchange banking information automatically?

Answer

It is a financial entity that has the obligation to communicate automatically banking information of companies and individuals to the tax authorities of the countries that have signed a bilateral agreement with the country where the financial entity is registered. Currently, more than 100 countries have signed the automatic information exchange treaty but not all countries are going to sign bilateral agreements with each other. The financial institution is obliged to inform whenever both countries sign mutually a bilateral agreement.



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