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This project has been developed as a follow up to the OECD “Study into the Role of Tax Intermediaries”, agreed by countries participating at the fourth meeting of the OECD Forum on Tax Administration (FTA) held in Cape Town, South Africa in January 2008. The Cape Town Communiqué of 11 January 2008 noted that the Tax Intermediaries Study Team was not able to fully develop its understanding of how the banking sector operates which made it more difficult to explore the benefits of an enhanced relationship for these taxpayers, and announced that a follow up study would be undertaken.
The terms of reference for this study, which have been developed in consultation with the banking sector, are set out below.
Outputs
To produce a report, including recommendations, by 31 March 2009. The final report will be presented for consideration and endorsement to the Heads of Tax Administrations at the 5th meeting of the FTA on 28-29 May 2009.
Outcomes
The report will broadly cover:
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a common, high-level understanding of how banks operate with particular emphasis on structured financing;
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the key roles banks play in the operation of tax systems;
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the planning, design, review and implementation of complex structured financing transactions, including those which may be considered aggressive tax planning by revenue bodies;
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identification and description of prevention, detection and response strategies applied by different revenue bodies; and
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the benefits revenue bodies and banks could mutually achieve with an enhanced relationship.
Working methods
This OECD study will be jointly led by Australia, United Kingdom and the OECD Secretariat.
There will be full engagement with all countries participating in the FTA. A team of sector experts will be established to assist as a working group and a small senior reference group of Commissioners will be invited to act as a steering group for the project.
The team will consult with representatives of banks, other tax intermediaries, taxpayer representative bodies, BIAC and other taxpayers.
Project Team Contact Details
Iain McNeill
OECD Banking Sector Project
Large Business Service
HM Revenue & Customs
16th Floor Albert Bridge House
1 Bridge Street Manchester
M60 9AF United Kingdom
Tel: +44 (0) 161 288 6718
Mobile: +44 (0) 7717 850706
Email: iain.mcneill@hmrc.gsi.gov.uk
Jan Farrell
OECD Banking Sector Project
Australian Taxation Office
Level 17, 52 Goulburn Street
SYDNEY NSW 2000
AUSTRALIA
Tel: +61 2 93742541
Fax: +61 2 9374 8955
Email: jan.farrell@ato.gov.au
Elizabeth Goli
OECD Banking Sector Project
OECD
Centre for Tax Policy and Administration
2, rue André-Pascal
75775 Paris Cedex 16
France
Tel: +33 (0) 1 45 24 79 39
Fax: +33 (0) 1 44 30 61 36
Email: elizabeth.goli@oecd.org
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