zaterdag 26 december 2015

2015 Global Tax Policy Trends

There is a global trend towards transparency in tax matters and, consequently, transparency may well be the watchword of 2015.

The impact of regulation continues to present a challenge for financial services providers globally. Since the global financial crisis, governments and regulators have been focusing their attention on altering, tightening and clarifying rules to increase confidence in the financial services industry, deter financial crime, provide greater tax transparency and increase tax revenue by reducing evasion. These measures however can have far reaching implications, with changes in one jurisdiction or economic area having the potential to present changes on a global basis. One of the best examples of this is FATCA.

A further challenge awaits financial institutions in the next initiative in global tax transparency - the Common Reporting Standard (CRS) - which comes into effect in January 2016 and is a global initiative compared to the US centric FATCA.

Initiatives seeking increased transparency between taxpayers and tax authorities derive their momentum from a number of factors that include development issues, ideas of fairness, government crackdowns on tax avoidance and advances in technology.

Future tax trends for 2016:

  • An increase in the number of disclosure facilities;
  • An increased focus on taxation by national tax authorities and international economic bodies, including increased investigations and improved sophistication in the use of data and systems.

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