This factsheet is a guide to your Automatic Exchange of Information (AEOI) obligations if you hold or control financial accounts, under new global standards. This information is required by law to be collected by financial institutions around the world for reporting to tax authorities. Tax authorities will exchange this information to ensure everyone pays the right amount of tax.
Find out about:
- pre-existing accounts, opening a new account or accounts held by an entity (eg. companies, trusts, partnerships)
- the identity and financial account information that will be collected
- obligations to respond truthfully and within a reasonable timeframe
- civil and criminal penalties that may apply under AEOI laws (FATCA and the CRS)
- how information is handled in the strictest of confidence by Inland Revenue and foreign tax authorities.