Reply to post: Read it, it's a surveillance treaty about individuals

31 nations sign data-sharing pact to tax multinationals

Anonymous Coward
Anonymous Coward

Read it, it's a surveillance treaty about individuals

Read it, its not about "taxing mega corps", its about individuals:

"The information to be exchanged is, with respect to each Reportable Account of another Jurisdiction: a) the name, address, TIN(s) and date and place of birth (in the case of an individual) of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of due diligence procedures consistent with the Common Reporting Standard, is identified as having one or more "

I assume the "Putin is a corrupt theif" stories were timed to push this agreement??

Note that this coincides with a change is tax law for Europe, where banks report to the countries tax authorities the balance of accounts. So this extends that to send that data to *EVERY* other one of these countries automatically.

It doesn't appear to limit itself by jurisdiction either, so if US wants information on UK citizens who do ZERO business in the USA, it seems they get it automatically. No wonder this has to be sold under the misleading "taxing multinationals" claim.

All of course illegal, a violation of basic privacy rights, so they've added a 'confidentiality' clause, so they get it, but don't blab about getting it. As if foreign countries getting details of a countries citizens earnings and wealth is not somehow a massive privacy violation.

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