Tax partner and tax controversy group co-founder Kat Gregor recently spoke on a panel of leading experts on “Hidden Wealth”: The Global Campaign for Tax Transparency –the Latin Response” at the 12th Annual U.S. and Latin America Tax Practice Trends Conference on June 13th in Miami, Florida. Topics included the Common Reporting System (CRS); Golden Passports; Economic Substance Requirements for Shell Companies; Beneficial Ownership Disclosure; Tax Haven Black Lists; and the OECD Global Forum on Tax Transparency. Please click here to view the slides used during the presentation.
Kat Gregor was recently quoted in a Law360 article, “Foreign FATCA Criticism Unlikely To Spur Changes, which discussed how the U.S. Department of the Treasury is unlikely to change reporting requirements of the U.S. Foreign Account Tax Compliance Act in response to European complaints. Her remarks were also published in POLITICO Pro’s “Morning Tax” roundup.
Kat explained that it would be out of character for the U.S. Treasury to roll back FATCA reporting requirements, especially if Congress does not change the law that requires American citizens to pay taxes on their worldwide income. “Very few instances in history have I ever seen the Treasury Department decide as a policy matter that they’re just not going to collect tax,” she said.
She also noted if FATCA requirements were rolled back, the common reporting standard may need to be implemented. The Organization for Economic Cooperation and Development designed the standard as the global framework for tax administrations to share individuals’ bank account information.
To read the full Law360 article, including additional insight from Kat, please click here.