Eversheds Sutherland Tax Reform Law Blog
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Tides of Change: British Virgin Islands Releases Action Plan to Prevent Misuse of Legal Persons and Legal Arrangements

On July 5, the British Virgin Islands (BVI) released an action plan aimed at preventing the misuse of its financial system by supporting the development and implementation of international standards against the misuse of legal persons and legal arrangements. The action plan is built on the BVI government’s recognition of the need to build international standards applicable to all...

UK Furthers Discussion on Corporate Transparency

At June’s G8 summit, leaders of the G8 nations agreed that more transparency is needed in corporate ownership.  In response, the UK Department for Business Innovation and Skills published a discussion paper with proposals regarding corporate transparency.  The paper is a first step and is intended to prompt feedback.  The paper offers proposals designed to “enhance the transparency of...

Tides of Change: Cayman Islands Announces Action Plan to Fight Tax Evasion

On the heels of a pledge made by the leaders of the G-8 to curb cross-border abuses, the Cayman Islands government announced a new action plan on June 18 to fight tax evasion, including renewed scrutiny of (i) the beneficial ownership of companies organized in the Caymans, (ii) the use of bearer shares, and (iii) the financial sector. The Cayman Islands government said in a statement...

U.S. Pushes Global Information Exchange at G8 Summit

The U.S. hopes to build international consensus around combating tax evasion and corporate profit shifting at this week’s G8 meeting in Northern Ireland.  Specifically, the U.S. is pushing a single global standard of information exchange, based on the Foreign Account Tax Compliance Act (better known as FATCA).  In comments to reporters, President Obama’s special assistant for...