Exchange of information upon request enables cross-border tax inquiries with compulsory access to financial and ownership records for tax purposes. Article 5 creates a procedure for Exchange of Information Upon Request whereby the requested Party must provide relevant tax information and, if necessary, use all available information gathering measures to comply. Competent authorities must have powers to obtain records from banks, financial institutions, nominees, trustees and to disclose legal and beneficial ownership information for various entity types, subject to limitations where obtaining ownership information for publicly traded entities would cause disproportionate difficulties. Requests must state identity, period, information sought, tax purpose, grounds for jurisdiction, custodians, conformity with domestic law and efforts made to obtain the information domestically; the requested authority must acknowledge receipt and notify deficiencies or inability to comply within specified timeframes.
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 enables cross-border tax inquiries with compulsory access to financial and ownership records for tax purposes.
Article 5 creates a procedure for Exchange of Information Upon Request whereby the requested Party must provide relevant tax information and, if necessary, use all available information gathering measures to comply. Competent authorities must have powers to obtain records from banks, financial institutions, nominees, trustees and to disclose legal and beneficial ownership information for various entity types, subject to limitations where obtaining ownership information for publicly traded entities would cause disproportionate difficulties. Requests must state identity, period, information sought, tax purpose, grounds for jurisdiction, custodians, conformity with domestic law and efforts made to obtain the information domestically; the requested authority must acknowledge receipt and notify deficiencies or inability to comply within specified timeframes.
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