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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Bibliographic Details
Published inThe CPA journal (1975) Vol. 84; no. 10; p. 32
Main Authors Campbell, Linda, Jones, Lynn Comer
Format Journal Article
LanguageEnglish
Published New York New York State Society of Certified Public Accountants 01.10.2014
Subjects
Central banks
Compliance
Conventions
Developing countries
Double taxation
Financial institutions
Foreign Account Tax Compliance Act 2010-US
Foreign source income
Information sharing
International
International finance
LDCs
Money laundering
Multinational corporations
NGOs
Nongovernmental organizations
Tax avoidance
Tax evasion
Tax planning
Tax revenues
Taxes
Taxpayers
Transfer pricing
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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.
ISSN:0732-8435