Isle of Man Parliament Passes Mandatory Disclosures Rules for CRS-Avoidance Arrangements, Opaque Offshore Structures – Bloomberg Tax

The Isle of Man Parliament (Tynwald) Dec. 10, 2019, passed regulations to implement mandatory disclosure rules for common reporting standard (CRS) avoidance arrangements and opaque offshore structures. The regulations include measures to: 1) set a 30-day time limit for intermediaries to disclose CRS avoidance arrangements and opaque offshore structures from when these arrangements and structures are implemented; 2) provide disclosure exemptions for privileged information and prior disclosures; 3) outline reporting obligations for taxpayers when intermediaries are exempted from disclosure; 4) require disclosure within six months of entry into force of the regulations for arrangements and structures implemented between Oct. 29,…

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