Follow the link below for full details.
UK/Gibraltar Agreement for Automatic Information Exchange
SEPA'S impact on payrolls
3 December 2013
If your organisation makes payroll payments in euros, you need to be aware of the impact of SEPA (Single Euro Payments Area).
Bottomline Technologies reports that as well as changes to the way you send data to your bank, there are other SEPA considerations for payroll:
Will my organisation be impacted by SEPA? If you make payroll payments in euros today – yes. SEPA changes the way that payments and collections are handled across Europe, reducing 50+ file formats and rules down to one single set of file formats and schemes. When is the SEPA Migration Date? This depends where your euro account is domiciled. If it is domiciled in a eurozone country (i.e. one that has the euro as its currency) then you will need to be ready with the ISO20022 XML file formats and be using BIC (Bank Identifier Code) and IBAN (International Bank Account Number) 1st February 2014. Are there any payroll-specific fields in the SEPA ISO20022 file format? A number of banks support the use of a specific ‘SALA’ notifier in the new file format – this will ensure that your payroll payments are grouped so you only see a single debit on your bank statement, ensuring only authorised people can see who has been paid. Won’t my bank just convert the old formats to SEPA formats for me? The SEPA regulations are clear that the bank may not offer conversion services as part of a straight through process. If the bank does offer conversion services, they will not be accessed via your normal bank channel or will be accessed via a third party. The converted data will typically be returned to the corporate, which will then have to resubmit the data back to the bank. Will my UK-based in-country domestic payments have to change by 2016? No. For non-eurozone countries, domestic schemes do not have to change; however, payments made from a UK-domiciled euro account will have to comply with SEPA rules.
To find out more about SEPA and its impact on euro payments download The SEPA Migration Guide .
UK signs agreements for Automatic Information Exchange with Overseas Territories
3 December 2013
November 2013 the UK has signed Intergovernmental Agreement to Improve International Tax Compliance with Bermuda, Montserrat, the Turks and Caicos Islands and the British Virgin Islands.
Full details can be accessed through the link below.
International agreements to improve tax compliance
CIPP Policy News Journal
16/04/2014, Page 276 of 519
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