Building Transparent Tax Compliance by Banks

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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.



Why revenue bodies are concerned about banks

• Banks develop complex structured financing transactions (CFSTs) both for their own use and for their clients.

• When CSFTs are used for aggressive tax planning purposes, revenue bodies are concerned with the lack of transparency of these arrangements, particularly where aspects of the arrangements are undertaken in different jurisdictions.

• Revenue bodies need to understand CSFTs to better differentiate those that have a tax risk from those that do not.


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