Financial and tax transparency - OECD report to G-8 summit; White House announces action plan 

June 18: The Organisation for Economic Co-operation and Development (OECD) today presented a report—A Step Change in Tax Transparency—concerning tax transparency to the G-8 leaders summit in Northern Ireland.

The OECD report [PDF 8.16 MB] outlines four steps (listed below) for implementing a global, secure, and cost-effective model of automatic exchange of information resulting in what is proposed to be a more transparent and fair global tax system:

  • Enact broad framework legislation
  • Select a legal basis for information exchange
  • Adapt the scope of reporting and due diligence requirements and coordinating guidelines
  • Develop common or compatible IT standards

Read a June 2013 report [PDF 187 KB]: KPMG Tax Review: OECD Report on Base Erosion and Profit Shifting

White House plan

The Obama Administration today announced a national action plan to “prevent the misuse of companies and legal arrangements” in connection with items being considered at the G-8 summit.

According to a White House fact sheet, the U.S. National Action Plan on Preventing the Misuse of Companies and Legal Arrangements is intended to enhance transparency of company ownership and control and, along the lines of a G-8 action plan, prevent the misuse of companies by “illicit actors” to shelter assets and evade taxes.

The U.S. action plan states that the United States will:

  • Update its national risk assessment, and continue to assess major money laundering conduits and methods
  • Advocate for comprehensive legislation to require the disclosure of beneficial ownership information, including a requirement to identify and verify beneficial ownership information at the time a company is formed
  • Clarify and strengthen customer due diligence requirements for U.S. financial institutions, to identify the beneficial owners of legal-entity customers
  • Seek international cooperation and assess the effectiveness of existing means for complying with requests for mutual legal assistance and other forms of international cooperation related to beneficial ownership of companies

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