Jurisdictions and tax enforcement authorities around the world have been prioritizing the enforcement of tax laws in a bid to increase tax revenue and address public concern about tax evasion. There have been suggestions that China will be hiring 500,000 additional tax enforcement officers and Prime Minister Narendra Modi has just cancelled high value rupee notes in an attempt to curb corruption, money laundering and tax evasion.
Importantly for banks and private wealth organizations and advisers, the US and the UK have been stepping up enforcement against facilitators of tax evasion and creating new mechanisms to do so; those steps have increasing extraterritorial reach. Click here to access our e-bulletin which provides an update of developments relevant to financial institutions and advisers outside the US and the UK including, amongst other locations, Hong Kong and Singapore.
For more information, please contact Pamela Kiesselbach, John O'Donnell, Heather Gething or any of your usual Herbert Smith Freehills contacts.
Key contacts
Simon Chapman KC
Managing Partner, Dispute Resolution and Global Co-Head – International Arbitration, Hong Kong
Kathryn Sanger
Partner, Head of China and Japan, Dispute Resolution, Co-Head of Private Capital, Asia, Hong Kong
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