To increase tax transparency, many countries have signed up to information exchange.
In a drive to increase tax transparency and tackle tax evasion, over 100 countries have signed up to the automatic exchange of information and have started to share information about individuals’ financial accounts with the tax authorities where the individuals are tax resident.
This move is likely to result in an increase in tax audits and introduction of voluntary disclosure regimes. And assignees may get caught up in the crosshairs.
This is the third article in KPMG's "Making Tax Digital" series which looks at:
These initiatives are running alongside the tax administration digitisation agenda to ensure that individuals pay the right tax as close to real time as possible and tax authorities can target their resources towards education and intervention activities in a strategic way.
Download our Making Tax Digital: Big Data report to see what this means for you.