2014

Corporate Tax Lawyer Elan Keller Comments on OECD's Release of Global Tax Reporting Standards New Standards Will Assist In The Fight Against Tax Evasion

NEW YORK, Feb. 18, 2014 /PRNewswire/ -- On February 13, 2014, the Organization of Economic Cooperation and Development (OECD) released the Common Reporting Standard (CRS) to establish a new global standard for governments to automatically exchange tax information. "OECD global standard is even broader than FATCA," said Elan P. Keller, a Member in Caplin & Drysdale's New York City office. Keller said countries will need to put in place domestic laws, and that will be complicated. "Financial institutions will face a great and very difficult burden in implementation, as these standards are more far reaching than FATCA, which is problematic in and of itself." He said the OECD only briefly addresses privacy concerns. "Finally, what will be the penalties for non-compliance? Could they be so harsh as to completely disincentivize certain financial institutions from doing business with certain parties and certain jurisdictions?" said Keller.

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 ekeller@capdale.com.

About Caplin & Drysdale
For half a century, Caplin & Drysdale has been a leading provider of tax, tax controversy, and related legal services to corporations throughout the United States and around the world. With offices in New York and Washington, DC, 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.

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.

© 2014 Caplin & Drysdale, Chartered
All Rights Reserved

CONTACT: Sheryl Miller – 202.862.7857 / smiller@capdale.com
Kipp Lanham – 202.449.9807 / klanham@macstrategies.com

Photo: http://photos.prnewswire.com/prnh/20140218/NE67043

SOURCE Caplin & Drysdale



RELATED LINKS
http://www.caplindrysdale.com

More by this Source


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.