Tax transparency and information exchange for Private Clients
Is everything in good order for individuals and family businesses?
Individuals and families with interests in a number of countries must ensure tax compliance and preserve value from all perspectives. The Deloitte Private team works with clients internationally, supported by tax, regulatory and advisory specialists across the globe for the benefit of both individual and institutional clients.
Privacy and automatic exchange of tax information
The internet has changed our notions of what should be private, and what should be open to all. In recent years this trend has aligned with public pressure for greater financial transparency. These drivers have led to OECD supported initiatives, such as automatic exchange of tax information (AEI) and the publication of ownership registers.
AEI will be established in most key financial centres by 2017, radically changing the information that will be available to tax authorities world wide. Individuals wish to understand the implications for likely tax authority actions, as well as the privacy implications for their families.
How Deloitte can help
In the run up to AEI, for many, little needs be done, but those whose tax or asset position is complex will benefit from a
- tax health check to provide assurance that the structures are efficient and robust, and
- clarity on what information will be shared, when, and with whom.
Deloitte Private can advise on the best course, whether that be optimizing structures for the future, or dealing with the past.
For example, many tax jurisdictions are presently offering benign terms under “Voluntary Disclosure Programs” so as to encourage regularisation before information starts being exchanged under AEI in 2017. Such programs normally offer a combination of reduced penalties, and an effective amnesty against criminal prosecution.
Our comprehensive Private Client cross border advisory services for international clients address all the aspects of the new tax transparent regimes that are developing around information exchange:
- Anticipating change
- Automatic information exchange
- Beneficial ownership registers and privacy
- Managing risk
- Preserving value
- Voluntary Disclosure Programs (VDPs)
- Tax Transparency
We can advise either in Switzerland, or support advisors in a client’s home country. Deloitte Private clients benefit from access to a global network of tax and legal specialists, helping individuals, families and their businesses anticipate these changes and manage their relationships with tax authorities successfully.