Skip to Main Content
 

Law360 Quotes Peter Barnes: Tax Pros Warn Global Tax Reports May Not Be Confidential

November 3, 2016, Law360

The confidentiality of sensitive tax data that multinational companies must soon begin filing for each country they operate in could be betrayed by potential data leaks or if governments bow to public pressure for disclosure, experts said Thursday at the American Bar Association’s annual tax conference in Philadelphia.

Caplin & Drysdale, Chartered's Peter A. Barnes said that “there are clearly pressures from some nongovernmental organizations” to publicly reveal CbC reporting information, and that taxpayers should recognize the possibility of public disclosure.

“In theory, these country-by-country reports are supposed to be confidential. That is, they are given to your jurisdiction in exchange under tax information exchange agreements or tax treaties and they’re used by the foreign jurisdictions and the U.S. jurisdiction for risk assessment. I think, in general, there’s an assumption that that’s unlikely to be the case,” Barnes said. For the complete article, please visit Law360's website (subscription required).

Excerpt taken from the article “Tax Pros Warn Global Tax Reports May Not Be Confidential” by Vidya Kauri for Law360. 

________________________________________________

About Caplin & Drysdale
Having celebrated our 50th Anniversary in 2014, Caplin & Drysdale continues to be a leading provider of tax, tax controversy, and litigation legal services to corporations, individuals, and nonprofits throughout the United States and around the world. We are also privileged to serve as legal advisors to accounting firms, financial institutions, law firms, and other professional services organizations.

The firm's reputation over the years has earned us the trust and respect of clients, industry peers, and government agencies. Moreover, clients rely on our broad knowledge of the law and our keen insights into their business concerns and personal interests. Our lawyers' strong tactical and problem-solving skills - combined with substantial experience handling a variety of complex, high stakes, matters in a boutique environment - make us one the nation's most distinctive law firms.

With offices in New York City and Washington, D.C., Caplin & Drysdale's core practice areas include:

-Bankruptcy
-Business, Investment & Transactional Tax
-Complex Litigation
-Corporate Law
-Employee Benefits
-Exempt Organizations
-International Tax
-Political Law
-Private Client
-Tax Controversies
-Tax Litigation
-White Collar Defense

For more information, please visit us at www.caplindrysdale.com.

Washington, DC Office:
One Thomas Circle, NW
Suite 1100
Washington, DC 20005
202.862.5000
        New York, NY Office:
600 Lexington Avenue
21st Floor 
New York, NY 10022
212.379.6000

___________________________

Disclaimer
This communication does not provide legal advice, nor does it create an attorney-client relationship with you or any other reader. If you require legal guidance in any specific situation, you should engage a qualified lawyer for that purpose. Prior results do not guarantee a similar outcome.

Attorney Advertising
It is possible that under the laws, rules, or regulations of certain jurisdictions, this may be construed as an advertisement or solicitation.

© 2017 Caplin & Drysdale, Chartered
All Rights Reserved.

Related Professionals

Related Practices