The United States, the United Kingdom and Australia will share information on trusts and companies that are hiding assets for residents in jurisdictions throughout the world.
Offshore Tax Compliance Chair Kevin Packman says that this development is proof that the IRS continues to expand its reach in the international community and that it seems there is now incredible support amongst governments to cooperate with each other.
“The one thing that is noted in the notice is that it is not illegal to hold assets abroad or utilize any of these structures,” he told BNA. “I believe this is too often overlooked by the media. People should not be criticized for simply holding foreign assets.”
READ: U.S., U.K., Australia Teaming Up to Battle Offshore Tax Evasion, IRS Announces (subscription may be required)
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