What is an exchange agreement?

An exchange agreement, also called the exchange contract, is a written agreement between the exchanger and the Qualified Intermediary (QI) defining the transfer of the relinquished property, the ensuing purchase of the replacement property, and the restrictions on the exchange proceeds during the exchange period.

What is OECD tax?

The OECD’s work on tax and the environment investigates to what extent countries harness the power of taxes and tradable permit systems for environmental and climate policy. Consumption tax trends.

What is the exchange of information?

Exchange of information (EOI) is the cross-border sharing of taxpayer information by tax administrations. A tax administration may ask for specific information on a particular case from another jurisdiction. When this happens, it is known as EOI on request.

What is exchange of information on request?

The exchange of information upon request refers to the exchange of information between tax authorities further to a request for administrative assistance. The basis is formed by bilateral agreements and the administrative assistance convention.

What is a 1031 exchange agreement?

A 1031 exchange gets its name from Section 1031 of the U.S. Internal Revenue Code, which allows you to avoid paying capital gains taxes when you sell an investment property and reinvest the proceeds from the sale within certain time limits in a property or properties of like kind and equal or greater value.

What is a forward exchange contract?

A forward exchange contract (FEC) is an agreement between two parties to effect a currency transaction, usually involving a currency pair not readily accessible on forex markets. FECs are traded OTC with customizable terms and conditions, many times referencing currencies that are illiquid, blocked, or inconvertible.

What is the key aim of the OECD automatic exchange of information AEI )?

To combat the problem of offshore tax evasion and avoidance and stashing of unaccounted money abroad requiring cooperation amongst tax authorities, the G20 and OECD countries working together developed a Common Reporting Standard (CRS) on Automatic Exchange of Information (AEOI).

Why is exchange of information important?

Exchange of information is the key instrument for tax administrations in order to prevent tax evasion, tax fraud, and aggressive tax planning.

How is a 1031 exchange structure?

How to do a 1031 exchange

  1. Step 1: Identify the property you want to sell.
  2. Step 2: Identify the property you want to buy.
  3. Step 3: Choose a qualified intermediary.
  4. Step 4: Decide how much of the sale proceeds will go toward the new property.
  5. Step 5: Keep an eye on the calendar.
  6. Step 6: Be careful about where the money is.