Commercial bank as cross-border tax intermediaries of the international exchange of information

Abstract

The purpose of the research: Investigate the mechanism of international automatic exchange of information in order to determine the role of commercial banks in it and improve its effectiveness. In the collection and analysis of data, the work proves that the modern mechanism for automatic information exchange requires substantial refinement. To increase the usefulness of transmitted information, it is recommended to expand the list of information exchanged, but to limit the volume of accounts considered by banks by introducing a money threshold in order to reduce the costs of banks collecting information. To encourage the interest of banks joining the international exchange of information, it is recommended to introduce a similar FATCA payment equal to 30% of any transit payments. In addition, banks are encouraged to use the indicators of dilution of the tax base to assess the magnitude of the effect of automatic exchange on the effect of dilution of the tax base, which should in the future show the expediency of maintaining an automatic exchange project.