The G8 and G20 are ushering in a ‘new world’ of tax transparency, with an unprecedented sense of coherence and purpose. Ogier’s Ray Weamouth says the offshore world is fully braced for the change
The winds of change were gathering force around global information exchange, transparency and international tax planning well before the G8 summit in Northern Ireland in June. Yet a collection of varying dynamics – political, economic and social, and not least the advent of the US Foreign Account Tax Compliance Act (FATCA) – paved the way for the G8 leaders to bundle together several loose strands and finally assert clear plans about how global information exchange and international tax standards were to operate in coming years. They did this with more authority and clarity than ever before.
