Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
OECD Pronounces Plan for Tax Evasion Reduction
Author: Scarinci Hollenbeck, LLC
Date: August 2, 2013
Key Contacts
Back
Tax law violations are typically a crime that most people hear about in domestic news, but tax evasion and fraud appear to be an increasingly global phenomenon.
As more individuals take advantage of favorable regulations and tax benefits in offshore accounts and foreign financial institutions, the ability to commit tax evasion has become more accessible. In response, countries are now joining forces for a global tax evasion reduction, and the Organization for Economic Co-operation and Development (OECD) recently announced initiatives to play its part in this goal.
The global agency noted that by devising a new, simplified, yet comprehensive, strategy that governs the ways in which countries share information about individuals, businesses, and trusts, they can better monitor financial transactions and detect potential violations.
The OECD suggested that by moving to a standard way of sharing information, rather than relying on fragmented agreements, countries would be in a better position to stay on top of these transactions, according to Reuters. In addition, the agency said that a standardized method would be more efficient in detecting violations as opposed to the current method of launching an investigation and requesting account data from another country.
The United States currently faces a tax gap of roughly $385 billion each year, while the European Union said that it has lost hundreds of billions in unaccounted taxes due to evasion. While some believe that these coordinated methods will help close these tax gaps, others argue that there is little legal authority behind the well-meaning international efforts. A separate article that appeared in Reuters noted that the agreements discussed would be largely diplomatic, but lack the legal backbone and authority needed to carry out such as large-scale initiative.
The OECD plans to unveil its new draft agreement in 2013, which will detail the types of information that can be exchanged and proposals for common legal and technological standards, Reuters reports.
- Practices: Tax and Trusts & Estates, Sophisticated Estate Planning & Wealth Preservation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Corporate Transactions: Best Practices for Successful Deals
Corporate transactions can have significant implications for a corporation and its stakeholders. For deals to be successful, companies must act strategically to maximize value and minimize risk. It is also important to fully understand the legal and financial ramifications of corporate transactions, both in the near and long term. Understanding Corporate Transactions The term “corporate […]
Author: Dan Brecher
How to Conduct a Fair and Legal Employee Termination in 2025
Ongoing economic uncertainty is forcing many companies to make tough decisions, which includes lowering staff levels. The legal landscape on both the state and federal level also continues to evolve, especially with significant changes to the priorities of the Equal Employment Opportunity Commission (“EEOC”) under the Trump Administration. Terminating an employee is one of the […]
Author: Angela A. Turiano
Admin Dissolution for Annual Report: What You Need to Know
While filing annual reports may seem like a nuisance, failing to do so can have significant ramifications. These include fines, reputational harm, and interruption of your business operations. In basic terms, “admin dissolution for annual report” means that a company is dissolved by the government. This happens because it failed to submit its annual report […]
Author: Dan Brecher
What Is Antitrust Litigation Law?
Antitrust laws are designed to ensure that businesses compete fairly. There are three federal antitrust laws that businesses must navigate. These include the Sherman Act, the Federal Trade Commission Act, and the Clayton Act. States also have their own antitrust regimes. These may vary from federal regulations. Understanding antitrust litigation helps businesses navigate these complex […]
Author: Robert E. Levy
Dissolving Your Business: Essential Legal Steps to Protect Your Interests
If you’re considering closing your business, it’s crucial to understand that simply shutting your doors does not end your legal obligations. Unless you formally dissolve your business, it continues to exist in the eyes of the law—leaving you exposed to ongoing liabilities such as taxes, compliance violations, and potential lawsuits. Dissolving a business can seem […]
Author: Christopher D. Warren
The Role of Corporate Restructuring in Mergers & Acquisitions
Contrary to what many people think, corporate restructuring isn’t all doom and gloom. Revamping a company’s organizational structure, corporate hierarchy, or operations procedures can help keep your business competitive. This is particularly true during challenging times. Corporate restructuring plays a critical role in modern business strategy. It helps companies adapt quickly to market changes. Following […]
Author: Dan Brecher
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.