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Building Transparent Tax Compliance by Banks

image of Building Transparent Tax Compliance by Banks

This book analyses the role banks play in the provision of aggressive tax planning arrangements. It examines the nature of banking, the complex structured financing transactions developed by banks and how they are then used by both banks and their clients. It also explores the internal governance processes that banks use to manage tax risk and the prevention, detection and response strategies applied by different revenue bodies in responding to the challenges that banks pose. The book makes a number of recommendations for revenue bodies and identifies best practices for consideration by banks.

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Conclusions

This study set out to improve revenue bodies’ understanding of complex structured finance transactions (CSFTs), the role banks play in designing and implementing aggressive tax planning and the prevention, detection and response strategies applied by revenue bodies to respond to the challenges posed by banks. The recommended approach outlined in this study is based on good governance by the banks and enhanced relationships between revenue bodies and banks with potential mutual benefits. The key conclusions from the study are:

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