THE 26 OECD COMMON REPORTING STANDARD …

Mark Morris 6 May 2017 Suggested improvements and refinements MM MM THE 26 OECD COMMON REPORTING STANDARD loopholes 1 1 THE 26 OECD COMMON REPORTING STANDARD loopholes Suggested improvements and refinements April 2016, Washington : The OECD Secretary-General updated the G20 Finance Ministers on tax transparency. The OECD should address potential loopholes , both actual and perceived and taking action whenever necessary. The OECDs COMMON REPORTING STANDARD requires significant amendments to be effective. It is the writer s opinion that the use of secrecy to evade taxes will continue due to the loopholes and deficiencies in the STANDARD . In some offshore financial centres, virtually no REPORTING will occur due to implicit acquiescence by authorities in permitting the utilisation of the perceived or real loopholes . This will result in tax evasion being displaced rather than resolved. This report details the loopholes being used and suggests amendments to the STANDARD required to counter circumvention strategies.

1 1 THE 26 OECD COMMON REPORTING STANDARD LOOPHOLES Suggested improvements and refinements April 2016, Washington D.C. : …

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