Global Tax Transparency - I Can See Clearly Now – Or Can I?

    September 2014
    There has been an abundance of press coverage on the subject of FATCA and numerous practitioners have offered helpful insights into the technicalities and operation of the new reporting rules. FATCA marked a pivotal start to some very serious moves on global tax transparency that are continuing apace. We now have the CRS (Common Reporting Standard) coming hazily into view and this subject of global tax transparency seems to be impressing on my day-to-day life given the global reach of my firm. I have had considerable experience of the technical detail of FATCA working closely with my US colleagues; I have seen the ripple effect of the rules in Asia and the Middle East; and I have been advising on implementation here in the UK. And now we are asked for guidance on the CRS. All in the name of transparency, which whilst of course a worthwhile exercise, is a very costly exercise for businesses and one which for many is still as clear as mud.