Bloomberg BNA's Daily Tax Report
spoke with Peter A. Barnes
concerning the new country-by-country reporting templates arising from the OECD's recent tax avoidance project. The project includes a requirement to produce a master file which may cause issues among large multinationals involving the public disclosure of their sensitive information. To get the complete article, please visit Bloomberg BNA's website
(subscription required). Excerpt taken from the article.
"If taxpayers are as forthcoming in their master file as governments want them to be, then there will be relatively sensitive information there, because they'll talk at length about their global supply chain," said Peter Barnes, a professor at Duke University School of Law and of counsel at Caplin & Drysdale Chartered, speaking with Bloomberg BNA Oct. 8.
. . .
Breaches through the treaty network are considered not only a breach of corporate confidentiality, but a violation of the U.S. government's trust as well, Barnes noted.
"I'd rather be able to talk about my confidentiality concerns with a government, having the U.S. government by my side," Barnes said.