Worldwide Tax Daily & Tax Notes Today Quote Elan Keller Concerning Global Implementation of OECD's BEPS Action Plan
NEW YORK, Sept. 23, 2014 /PRNewswire/ -- Worldwide Tax Daily and Tax Notes Today quote Caplin & Drysdale's Elan P. Keller concerning the G-20 finance ministers' and central bank governors' recent endorsement of the OECD's base erosion and profit-shifting action plan. In addition to other action items, the plan commits to finalizing global common reporting standards (CRS) or automatic exchange of tax information on a reciprocal basis. "It has the greatest chance of actually having the biggest impact in the quickest amount of time, which also means that implementation needs to be very thoughtful and well considered," said Elan P. Keller of Caplin & Drysdale.
"There is nothing remarkable about the apparently delayed time frame for G-20 countries to start automatically exchanging tax information," Mr. Keller said, noting that "each country involved must pass domestic legislation setting forth the OECD's recommendations." "Each country should take great care to make sure that laws put in place are not merely 'squeezing a balloon' and creating further unintended consequences that were not well thought out," he said.
Mr. Keller goes on to say "important questions still remain about the information that will be automatically exchanged between countries, including who will have access to it, how it will be used, and how governments plan to safeguard it." "There are a lot of considerations that are not addressed in the template, yet the template is a tangible deliverable that governments can focus on," said Mr. Keller. "My counsel to them is not to rush into this and to really listen to the feedback from the business community and individuals."
About Elan P. Keller
Elan P. Keller is a Member in Caplin & Drysdale's Corporate, Business & Transactional Tax, International Tax, and Tax Controversies practice groups in the firm's New York office. Clients seek his advice on matters involving tax due diligence and structuring cross-border and domestic M&A transactions; the U.S. aspects of inbound and outbound operations; transfer pricing; corporate restructurings, reorganizations and distributions; capital markets and structured finance transactions; infrastructure and leasing transactions; and oil, gas, energy, and natural resource transactions. Mr. Keller can be reached at 212.379.6030 or [email protected].
About Caplin & Drysdale
For half a century, Caplin & Drysdale has been a leading provider of a full range of tax, tax controversy, and related legal services to companies, organizations, and individuals throughout the United States and around the world. With offices in New York City and Washington, D.C., the firm also provides counseling on matters relating to bankruptcy, creditors' rights, political activity, exempt organizations, complex litigation, employee benefits, private client services, corporate law, and white collar defense. For more information, please visit us at www.caplindrysdale.com.
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