NEW YORK, Jan. 27, 2014 /PRNewswire/ -- In an article published by South China Morning Post, Caplin & Drysdale's Elan P. Keller discusses China's plans to increase their cooperation with tax authorities and to push for greater transparency among all nations to reduce tax evasion. "This is catching on globally, and many other jurisdictions, such as China, are realizing the importance of greater tax transparency," said Mr. Keller. "With greater transparency comes less ability to move assets to offshore tax havens."
Following revelations of offshore tax havens linked to relatives of Chinese leaders, the mainland's tax commissioner, Wang Jun, said China would fulfill its responsibilities as a big nation in international tax initiatives, while using international cooperation to reform its tax system. He also urged nations to improve their tax laws and tax collection. Mr. Keller remarked, "The OECD is making a big push towards country-by-country reporting, where local governments will have greater information sharing to look at a taxpayer's tax payments to individual countries. It is only a matter of time before country-by-country reporting leads to the publication of taxpayers' private information."
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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