Bloomberg BNA’s Daily Tax Report Summarizes S&C’s Analysis on G-8 Summit

July 8, 2013

Bloomberg BNA’s Daily Tax Report published a summary of S&C’s analysis of the G-8’s recent Lough Erne summit, reporting that “world leaders are sharpening their scrutiny of global taxation and seeking greater disclosure.” Additional reporting and compliance burdens are to be expected, and, in the absence of multilateral agreement on how countries should share tax revenue, risks of double tax of global economic activity will increase. S&C noted that the U.K., host of the summit, made tax reform a priority, and the G-8 leaders, in the Lough Erne Declaration and communiqué arising from the summit, “welcomed OECD’s Base Erosion and Profit Shifting (BEPS) initiative,” “resolved to create national action plans to improve information sharing and beneficial ownership transparency” and set out “action plan principles designed ‘to prevent the misuse of companies and legal arrangements.’’