G20, OECD crack down on untaxed real estate with new info-sharing deal
The Organization for Economic Cooperation and Development and the Group of 20 have announced a plan to expose untaxed funds invested in real estate, as well as rental income and capital gains from real estate.Information on real-estate ownership will be shared by tax authorities where each property is located with the tax authorities where the legal and beneficial owners reside. The aim is to close down real estate as a hiding place for untaxed funds and collect a range of taxes (and penalties) thereon.This potentially affects anyone with untaxed money...
