THE tax administrations from the United States, Australia and the United Kingdom
have declared that they have developed a plan to share tax information involving
trusts and companies holding assets on behalf of residents in jurisdictions
worldwide as part of a wider effort by the IRS and other tax administrations to
pursue international tax evasion.
The Internal
Revenue Service, the Australian Taxation Office and HM Revenue & Customs
have acquired a considerable quantity of data revealing broad use of such
entities organized in a number of jurisdictions including Singapore, the British
Virgin Islands, Cayman Islands and the Cook Islands. The data contains both the
identities of the individual owners of these entities, as well as the advisors
who assisted in establishing the entity structure. The tax offices of US, UK and
Australia have been working together to evaluate this data to unearth
information that can be relevant to tax administrations of other jurisdictions
for which they have developed a plan for sharing the data, as well as their
preliminary analysis, if demanded by those other tax administrations.
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