The automatic exchange of information \u2013 also known as AEOI<\/strong> \u2013 was formulated with a view to decrease the possibility of tax evasions, similarly to the American FATCA. With its introduction, action against international tax structures becomes easier and most cost-effective.<\/strong><\/p>\n The automatic exchange of information is that if we have a foreign bank account<\/strong>, our bank automatically sends all the account information to the tax administration of our domicile, with the effect that some hidden, pre-tax earnings will be visible, which can be recoverable and criminal proceedings can be initiated against fraudsters.<\/p>\n In some cases, exchange of information can also take place retroactively based on the recommendations of the OECD Model Convention, as can be seen in the Double Taxation Convention between Dubai and Hungary as well.<\/p>\n Hungary is one of the first countries that join the camp of those providing tax information, to which the Hungarian banks have been collecting the necessary data starting from January 2016, and from 2017 the flow of information will actually start between the banks and the tax authorities<\/strong> in accordance with the provisions of Law XXXVII of 2013.<\/p>\n Tax planning forms are expected to change in the future<\/strong> as a result of the initiative. The tax optimizers then can transfer their wealth from their offshore interests in previous tax havens to such \u201ctax compliant\u201d countries like Malta, the Netherlands, Cyprus and Hungary, which have favorable taxes.<\/p>\n In Hungary<\/strong>, in addition to the Stability Savings Account, the legal concept of trust property management can also be a solution<\/strong>, since the new Civil Code, in force since 15 March 2014, introduces this concept in legislation in relation to engagement contracts, thereby creating a framework for asset management structures in Hungary. The relevant detailed provisions can be found in Act XV of 2014.<\/p>\n In case of trust property management<\/strong>, the trust enforcer brings the property into the ownership of the trustee with the aim of managing the property in favor of the beneficiary on their own behalf according to the contract. In this three-party transaction only the ownership of the trustee will be visible.<\/p>\n This option may be promising for foreign capital, which may result in an increase in tax revenues in Hungary.<\/p>\n \n","protected":false},"featured_media":1112,"template":"","tags":[],"evszam":[560],"szakmai_cimke":[526,525],"class_list":["post-1472","szakmai-hirek","type-szakmai-hirek","status-publish","has-post-thumbnail","hentry","evszam-2016-en","szakmai_cimke-business","szakmai_cimke-other"],"yoast_head":"\n