Common Reporting Standard (CRS): Development and Limitations
Sihang Zhang, Vol. 37 Associate Editor In recent years, the ease of establishing accounts at foreign financial institutions, combined with financial advisors who routinely establish foreign structures to hide income, create a unique risk of tax evasion for governmental authority, especially in a self-assessed tax system, where taxpayers may choose not to comply with their […]
FATCA, GATCA and the Controversial Withholding Provision
Abigail Zeitlin, Vol. 36 Associate Editor For many years, there have been large discrepancies between different countries’ tax reporting standards. This has allowed for certain countries, like the United Kingdom or Switzerland,[i] to become tax shelters and for other governments to lose out on millions of dollars in tax revenue. [ii] In the United States alone, […]