Double Standards

The Organization for Economic Cooperation and Development (OECD) has released a seminal report on tax information collection and exchange practices in 82 countries. The principal achievement of this long-awaited report, Tax-Cooperation -- Towards a Level Playing Field, is 200 pages of tables reviewi...

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Bibliographic Details
Published in:Trusts & Estates 2006-09, Vol.145 (9), p.54
Main Author: Hay, Richard J
Format: Article
Language:English
Subjects:
Confidentiality
Cooperation
Cost control
Enforcement
Financial services
Financial statements
International
International finance
Jurisdiction
Offshore
Tax collections
Tax havens
Online Access:Get full text
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Summary:The Organization for Economic Cooperation and Development (OECD) has released a seminal report on tax information collection and exchange practices in 82 countries. The principal achievement of this long-awaited report, Tax-Cooperation -- Towards a Level Playing Field, is 200 pages of tables reviewing and effectively comparing information collection and exchange practices in countries ranging from Switzerland to the Cayman Islands to the US. The report is part of an ambitious OECD program seeking global data tracking and exchange to improve tax enforcement for its members. The OECD's original goal was to require all companies to prepare financial statements and file them with the government in the companies' jurisdictions of incorporation. The OECD report notes that company, trust, partnership and foundation laws generally require the keeping of accounts, or at least the retention of financial data. OECD countries should act on the Report's commitment to remove barriers to fair trade in financial services for all jurisdictions implementing the new standards.
ISSN:0041-3682