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There are several international tax laws and regulations that govern offshore tax planning, including:
The Organisation for Economic Co-operation and Development (OECD) Model Tax Convention: This model treaty provides guidance on the allocation of taxing rights between countries and outlines the principles for avoiding double taxation.
The Base Erosion and Profit Shifting (BEPS) project: This project was initiated by the OECD to address tax avoidance strategies used by multinational corporations to shift profits to low or no tax jurisdictions.
The Common Reporting Standard (CRS): This standard was developed by the OECD to promote greater transparency and exchange of information between tax authorities. It requires financial institutions to collect and report information on their clients' offshore accounts to their local tax authorities.
The Foreign Account Tax Compliance Act (FATCA): This US law requires foreign financial institutions to report information on US clients' offshore accounts to the Internal Revenue Service (IRS).
The EU Savings Directive: This directive requires EU member states to exchange information on the interest income of EU residents held in accounts in other EU member states.
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