OECD Mulls Tax Code For Banks

by Mary Swire, Tax-News.com, Hong Kong

29 March 2010

Jeffrey Owens, director of tax and policy administration for the Organisation for Economic Co-operation and Development (OECD), has suggested a possible code of conduct for banks on tax matters, for which his organisation had done some "preparatory work". Owens expected it to be discussed at a meeting on tax in Istanbul in September.

The code of conduct, aimed at combatting tax fraud would set out guidelines on how private banks should advise their clients. This should clarify relationships between banks, clients and tax authorities. It would detail what tax and regulatory authorities expect of banks in terms of good compliance.

Owens said the OECD were looking at the role of investment banks especially as advisers, traders and advocates of aggressive tax planning.

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