Exchange of Information Upon Request: competent authorities must share bank and beneficial ownership information to support tax inquiries. Article 5 requires the competent authority of the requested Party to provide, upon request, information for tax purposes irrespective of domestic need or criminal character; to use all relevant information gathering measures where existing holdings are insufficient; and, subject to domestic law, to furnish depositions and authenticated originals. Contracting Parties must empower authorities to obtain information from banks, fiduciaries and persons, and to secure legal and beneficial ownership details for entities, trusts and foundations, while exempting publicly traded entities where obtaining ownership data would cause disproportionate difficulties. Requests must show foreseeable relevance and authorities must confirm receipt and report inability to comply.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Exchange of Information Upon Request: competent authorities must share bank and beneficial ownership information to support tax inquiries.
Article 5 requires the competent authority of the requested Party to provide, upon request, information for tax purposes irrespective of domestic need or criminal character; to use all relevant information gathering measures where existing holdings are insufficient; and, subject to domestic law, to furnish depositions and authenticated originals. Contracting Parties must empower authorities to obtain information from banks, fiduciaries and persons, and to secure legal and beneficial ownership details for entities, trusts and foundations, while exempting publicly traded entities where obtaining ownership data would cause disproportionate difficulties. Requests must show foreseeable relevance and authorities must confirm receipt and report inability to comply.
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