Home | Blog | The world is getting smaller, the noose is getting tighter

The world is getting smaller, the noose is getting tighter

On May 9th the IRS, the Australian Tax Office and the UK’s HM revenue & Customs announced a plan to share information with tax administrations of other jurisdictions.  This information, which has been gathered and analyzed by the three countries includes data on entities and trusts organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands.

While the IRS acknowledges that there is nothing illegal in the use of such entities, the Service points out that such structures are often used to avoid or evade tax.  The announcement does not acknowledge that avoidance of tax is legal.

The information to be shared includes not only the individual owners of the entities but the advisors that assisted in establishing the structures as well.

Tags: , ,

Here to Help

Here to Help

Contact one of our specialists

London
USTAXFS
3 Harbour Exchange Square
London E14 9GE
United Kingdom

T: +44 20 7357 8220

F: +44 20 7357 8225

Email Us

Zurich
USTAXFS
Brandschenkestrasse 20
CH-8001 Zurich
Switzerland

T: +41 44 387 8070

F: +41 44 387 8079

Email Us

Geneva
USTAXFS
Rue de-Candolle 19
CH 1205
Geneva
Switzerland

T: +41 22 700 2500

F: +41 22 700 2526

Email Us

Middle East, Asia and the Americas
US Tax & Financial Services GmbH
Löwenstrasse 28
PO Box 1367
CH-8021 Zurich
Switzerland

T: +41 44 387 8070

F: +41 44 387 8079

Email Us

Nordics
USTAXFS / MAJATTORNEY
Norra Skeppsbron 5B
SE 803 10, GAVLE
Sweden

T: +46 26 18 82 22

M: +46 70 61 88 016

Email Us

Read Services in :EnglishFrenchItalianGerman