In recent years, the OECD imposed a new standard of Automatic Exchange of Information that eliminated banking secrecy and hidden bank accounts by obliging banks and tax authorities to exchange information regularly without any specifics. leveraging the world to Global Tax Transparency.
The new standard's scale and scope are innovative in terms of tax planning and are a real game-changer.
This is Vania Synthesia AI CRM TaxNomadism.
The advantages are that the country's tax authorities can check whether the individual in question has filed his or her income tax return correctly. Also, the nations' tax administrations can determine and map each of their residents' worldwide assets.
The disadvantages are that the exchange of data is done electronically with a risk of data theft.
Thus, there is a real danger that the effective tax rate is pushed up even further in certain countries.
In an international context, this automatic exchange of tax information ensures that governments can benefit from automatic information exchange without asking for it anymore.
The new standard will thus ensure greater financial transparency against tax fraud.
The trend in several countries is evident and can only frighten the attentive taxpayer. Public authorities are mapping all private wealth to strike even harder in the taxpayers' pockets who have already been taxed entirely numb.
Governments that do not create acceptable tax rates will be confronted with the new standard oftransparency's undesirable effects.
Value-adding taxpayers can only choose to become residents and taxpayers elsewhere, which is precisely what TaxNomadism is about.
I am Vania Synthesia, and we are TaxNomadism.
