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(Apr 02, 2010) It was announced on March 29, 2010, that the Organisation for Economic Co-Operation and Development (OECD) is in the early stages of drafting a tax code of conduct for banks, a project in which six members of the OECD's Forum on Tax Administration (FTA) will participate. The six countries are Australia, Italy, the Netherlands, South Africa, the United Kingdom, and the United States. The 30 OECD members (plus Chile, which has signed an agreement to become a member) together with 10 non-OECD members comprise the FTA, whose last meeting was held in May 2009. (Rick Mitchell, OECD Says Tax Forum Devising New Code of Conduct for Banks, 10:59 BNA DAILY REPORT FOR EXECUTIVES (Mar. 30, 2010), 59 DER I-2, available at http://news.bna.com/drln/DRLNWB/split_display.adp?fedfid=16779495&vn
ame=dernotallissues&wsn=498492000&searchid=10934404&doct
ypeid=1&type=date&mode=doc&split=0&scm=DRLNWB&pg=0
; Fifth OECD Forum on Tax Administration: Paris Communiqué, OECD Centre for Tax Policy and Administration, OECD website, http://www.oecd.org/document/54/0,3343,en_2649_33749_42880923_1_1_1_1,00
.html
(last visited Mar. 31, 2010).)

The aim of the project is to produce guidelines for use by tax administrations in dealing with banks; more specifically, the project seeks to encourage among bank boards the corporate governance benefits of tax compliance and transparency. The project has looked to existing bank tax codes of conduct, most notably those of South Africa and the United Kingdom, for guidance. (Mitchell, supra; see also, for example, Richard Murphy, The New Tax Code of Conduct for Banks, Tax Research UK website, June 29, 2009, available at http://www.taxresearch.org.uk/Blog/2009/06/29/the-new-tax-code-of-conduc
t-for-banks/
.)

Author: Wendy Zeldin More by this author
Topic: Taxation More on this topic
Jurisdiction: Organisation for Economic Cooperation and Development More about this jurisdiction

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Last updated: 04/02/2010