Automatic Information Exchange and Enhanced Transparency
In recent years, the push for broader automatic information exchange and enhanced transparency has risen to the top of the international financial agenda. As governments struggle under economic constraints, base erosion and profit shifting (BEPS) has become a global issue that requires a global solu...
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Published in | The CPA journal (1975) Vol. 84; no. 10; p. 32 |
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Main Authors | , |
Format | Journal Article |
Language | English |
Published |
New York
New York State Society of Certified Public Accountants
01.10.2014
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Subjects | |
Online Access | Get full text |
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Summary: | In recent years, the push for broader automatic information exchange and enhanced transparency has risen to the top of the international financial agenda. As governments struggle under economic constraints, base erosion and profit shifting (BEPS) has become a global issue that requires a global solution, according to the Organisation for Economic Cooperation and Development (OECD). Its member countries, along with many other governmental and nongovernmental organizations, recognize the increased opportunities for individuals and entities to evade taxes at the international level; thus, they are motivated to advance the efficiency of international financial information sharing. But there are significant challenges, both domestically and globally, to reaching this goal, including compliance, complexity, and implementation. Skepticism about the BEPS plan's potential for success arises in the case of complexity, compliance, and implementation. Although the OECD originally conveyed support for the arm's-length principle, its revised discussion draft referred to an apportionment system. |
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ISSN: | 0732-8435 |