Are you an affiliate marketer and/or earn your money online? Do you think as long as your bank account is in some offshore jurisdiction you can get off from paying 0% tax?
There’s saying there’s 2 things that are certain in life – death & taxes. And as the world moves toward globalization, this will be become more true year after year. Yeah globalization is good from some perspective, but it’s very bad from others – you be the judge.
Did you know that if you open a bank account in Hong Kong and you are say from the EU, then your government will know? *
A new policy went into play on January 1st, 2016 called the AEOI which stands from Automatic Exchange of Information created by the O.E.C.D. organization. (What is the OECD? Well according to the US Government its and I quote “The Organization for Economic Cooperation and Development (OECD) is a unique forum where the governments of 34 democracies with market economies work with each other, as well as with more than 70 non-member economies to promote economic growth, prosperity, and ustainable development.”)
At the time of this writing 97 countries around the world opted to take part in the AEOI.
I dug in to learn what kind of information they exchange. Doing some searching on oGoogle – I was able to come up with the very protocol which banks must use to send our information back to our governments. Lets just say EVERY SINGLE thing you can imagine; that they might have from you – they will give away. But feel free to take a look right here
*List of countries that joined the automatic data exchange programme
References:
-http://www.oecd.org/tax/automatic-exchange/crs-implementation-and-assistance/crs-by-jurisdiction/#d.en.345489
