This Report was prepared by the Committee on Fiscal Affairs to consider ways to improve international co-operation with respect to the exchange of information in the possession of banks and other financial institutions for tax purposes.
Chapter 1. Overview and Measures to Improve Access to Bank Information for Tax Purposes -A. Overview -B. Measures to Improve Access to Bank Information for Tax Purposes Chapter II. Bank Secrecy - Traditional and New Dimensions -The Importance of Bank Secrecy -The Effects of Bank Secrecy on Tax Administration and Law Enforcement -Globalisation and Liberalisation of Financial Markets -Electronic Commerce and Electronic Money -Money Laundering and Tax Crimes Chapter III. Adverse Implications of Lack of Access to Bank Information for Tax Purposes -Adverse Domestic Implictaions -Adverse International Implictions Chapter IV. Country Practices and Evolution: An Executive Summary -Legal Basis for Bank Secrecy -Exceptions to Bank Secrecy -Bank Account Information Requirements -Means of Removing Funds from Accounts -Access to Bank Information for Tax Administration Purposes -Exchange of Information under Tax Treaties -Other Instruments or Mechanisms for Exchanging Bank Information for Tax Purposes -Information Reporting by Taxpayers -Interest Income: Use of Withholding at Source to Tax Interest Payments -Trends Concerning Access to Bank Information -Proposals to Change Laws Relating to Bank Secrecy -Conclusions to be Drawn from Current Practices Annex I. Foreign Assets and Liabilities Appendix I. Survey of Country Practices on Access to Bank Information for Tax Purposes -General Information about Bank Secrecy -The Obligation of Banks to Give Information in Matters other than Taxation -Access to Bank Information for Tax Administrations -Obligation for Resident Taxpayers to Declare their Bank Accounts Abroad -Country Practice with Respect to Exchange of Bank Information with Treaty Partners -Regarding Trends Concerning Access to Bank Information
