Reporting of Voluntary Tax Compliance Schemes by UFA Members
The UFA adopted the following reporting policy framework for voluntary tax compliance schemes at its 2014 Annual Meeting.
This policy establishes a reporting and analysis framework for UFA members who have issued, or intend to issue, a voluntary tax compliance scheme as follows:
- Reporting: UFA members should report proposed or existing VTC schemes requiring asset repatriation in a similar way to the current FATF scheme.
- Analysis: After receiving a report by an UFA member the Secretariat will undertake a preliminary analysis of the scheme. For complex schemes the paper proposes that experts from UFA members may be involved.
- Decision‐making: The Steering Group should endorse analysis reports and agree on any membership action if needed (in consultation with members) including authorising the Co‐chairs to send a letter to the relevant Minister(s) expressing membership concern and asking that that the scheme be amended. Other more serious measures may be available.
- Non‐Compliance: Should a member fail to report a relevant scheme, the Steering Group may decide, after membership consultation, on appropriate membership‐related action.