{"id":144,"date":"2016-03-03T03:48:18","date_gmt":"2016-03-03T03:48:18","guid":{"rendered":"http:\/\/blogs.isb.edu\/centre-for-family-enterprise\/?p=144"},"modified":"2025-12-31T09:44:27","modified_gmt":"2025-12-31T09:44:27","slug":"broadening-tax-net-across-the-globe","status":"publish","type":"post","link":"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2016\/03\/03\/broadening-tax-net-across-the-globe\/","title":{"rendered":"Broadening Tax Net Across The Globe"},"content":{"rendered":"<p>The implementation of the \u2018global standard for automatic exchange of financial account information\u2019, a government-to-government automatic exchange of financial account information, is intended to curb offshore tax evasion. Developed by the OECD in close consultation with EU and G20 nations, this pact has already been signed by more than 90 countries including India. The first official exchanges are set to start from September 2017.<\/p>\n<p>This new international legislation will have far reaching consequences for family offices with complex structures that span multiple geographies. This higher level of transparency is likely to lead to higher level of enquiries from local tax authorities. It also raises concerns over data security and privacy, particularly when tax authorities in \u2018less established\u2019 jurisdictions are involved.<\/p>\n<p>Hence family offices might have to relook their reporting obligations and if necessary either simplify structures geographically or diversify them even further. One option is to relocate the family office base to the US, since the US is still not a signatory.<\/p>\n<p><i>Source:\u00a0http:\/\/www.campdenfb.com\/article\/tightening-global-tax-net<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The implementation of the \u2018global standard for automatic exchange of financial account information\u2019, a government-to-government automatic exchange of financial account information, is intended to curb offshore tax evasion. Developed by the OECD in close consultation with EU and G20 nations, this pact has already been signed by more than 90 countries including India. The first [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Broadening Tax Net Across The Globe - Thomas Schmidheiny Centre for Family Enterprise<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.isb.edu\/centre-for-family-enterprise\/2016\/03\/03\/broadening-tax-net-across-the-globe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Broadening Tax Net Across The Globe - Thomas Schmidheiny Centre for Family Enterprise\" \/>\n<meta property=\"og:description\" content=\"The implementation of the \u2018global standard for automatic exchange of financial account information\u2019, a government-to-government automatic exchange of financial account information, is intended to curb offshore tax evasion. Developed by the OECD in close consultation with EU and G20 nations, this pact has already been signed by more than 90 countries including India. 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