Tax Pros Warn Global Tax Reports May Not Be Confidential
By Vidya Kauri (November 3, 2016, 7:04 PM EDT) -- The confidentiality of sensitive tax data that multinational companies must soon begin filing for each country they operate in could be betrayed by potential data leaks or if governments bow to public pressure for disclosure, experts said Thursday at the American Bar Association's annual tax conference in Philadelphia.
Corporations earning at least €750 million ($833 million) will have to file their so-called country-by-country reports after countries began adopting recommendations from the Organisation for Economic Cooperation and Development to curtail corporate tax avoidance through cross-border activities.
Both the OECD and the IRS had separately issued guidance in June for filing these reports,...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!