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What are the International Tax Compliance Regulations?
In 2011, a Multilateral Convention on tax cooperation designed to tackle tax evasion and avoidance was signed by a number of countries including the UK. Under this agreement, Financial Institutions within signatory countries are obliged to exchange data relating to accounts held by tax residents of the other signatory countries.
Triodos Bank must check customer records and accounts to identify customers who are tax resident in the other signatory countries and report information on them. To do this we introduced new procedures from 1 January 2016.
For more information please visit www.oecd.org/tax/exchange-of-tax-information/ or speak to your tax advisor.