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Consultation on new tax rules requiring disclosure of common reporting standard avoidance arrangements and offshore structures.
The Organisation for Economic Co-operation and Development is consulting on new tax rules requiring disclosure of common reporting standard avoidance arrangements and offshore structures (tinyurl.com/y8vsl5zo).
The adoption of the common reporting standard for automatic exchange of financial account information is limiting taxpayers' ability to hide their income and assets offshore. However, some advisers and service providers are marketing schemes designed to circumvent the reporting requirements. In light of this, the OECD has published a consultation proposing rules that would require such intermediaries to disclose information on the scheme to their national tax authority. The information - including the identity of any user or beneficial owner - would be made available to other tax authorities in accordance with the requirements of the applicable information exchange agreement.
Interested parties are invited to email their comments on this consultation by 15 January 2018 to MandatoryDisclosure@oecd.org.
