IN an
interesting report the OECD has stated that aggressive tax planning by large
corporations and wealthy people is costing honest taxpayers in many countries a
lot of money.
The OECD has devised a toolkit for national tax administrations
which will help them identify key risk areas and decide whether and how to
respond. To do so, they need timely, targeted and comprehensive information.
Some countries - Australia, Canada, France, Ireland, Italy, Netherlands, New
Zealand, Portugal, Spain, UK, and the US - have already introduced complementary
disclosure initiatives aimed at improving their ability to identify and respond
to aggressive tax planning.
Such early detection and resolution benefits
both the taxpayer, providing them with increased certainty, and governments. It
will make for fewer routine audits, increased transparency and have a positive
impact on compliance culture in general. For example, the UK’s disclosure rules
allowed it to cut off GBP 12 billion in avoidance opportunities.
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