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 firstname.lastname@example.org.
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.
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