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ARTICLE · 19 MAY 2016

CRS And Beneficial Ownership

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In today's difficult economic climate, countries need more than ever to ensure that they collect all the tax revenues that are due to them in order to fund public expenditure and reduce public debt.

United KingdomTax
Filippo Noseda
Filippo Noseda
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In today's difficult economic climate, countries need more than ever to ensure that they collect all the tax revenues that are due to them in order to fund public expenditure and reduce public debt. The arrival of new technologies has made it easier to collect and exchange information to fight tax evasion.

As the Panama Papers have shown, financial information can be easily stored and retrieved electronically on a global scale. Unsurprisingly, therefore, Governments have been considering the introduction of a global system for the automatic exchange of information. Although the implementation of this system has proceeded at speed, and with minimal scrutiny, it raises major questions about several issues:

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