Legal Regulation of the Notification of the Balance and the Value of the Notified Account as a Loophole in the International Co-operation in Tax Administration Act
Abstract
The article analyses one of the aspects of the legal regulation of the automatic exchange of information in tax administration which is the regulation of the notification of the balance or the value of the reportable account by the Czech reporting financial institution under section 13k par. 1 e) of Act No. 164/2013 Coll., on international co-operation in tax administration and on amendment of other related acts, as amended, and proposes solutions that are more in line with the legal regulation of international co-operation in tax administration. To achieve this goal, the current legislation is described, its sources and goals are identified.
Based on the objectives set, this legislation is judged from the point of view of its effectiveness in achieving the desired purpose and then proposes a solution that is more suitable in terms of effectiveness of this regulation.