The process of global co-operation between tax authorities to improve offshore compliance is ongoing but has evolved in a piecemeal fashion, therefore possibly creating the opportunity for potential tax loopholes and increased cross-border compliance costs. This could be avoided through implementation of a globally accepted reporting standard backed up by effective automatic exchange of information provisions.
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The process of global co-operation between tax authorities to improve offshore compliance is ongoing but has evolved in a piecemeal fashion, therefore possibly creating the opportunity for potential tax loopholes and increased cross-border compliance costs. This could be avoided through implementation of a globally accepted reporting standard backed up by effective automatic exchange of information provisions.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes: