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, Disputes, Asia and Australia, Hong Kong and Korea Group
Kathryn Sanger
Partner, Head of Disputes, China and Japan and Head of Private Capital, Asia, Hong Kong
Jojo Fan
Managing Partner, China Offices, Hong Kong
Rachael Shek
Partner, Hong Kong
Disclaimer
Herbert Smith Freehills Kramer LLP and Prolegis LLC have established a Formal Law Alliance licensed by the Legal Services Regulatory Authority of Singapore known as Herbert Smith Freehills Kramer Prolegis Alliance, with Singapore law advice provided by Prolegis LLC. The two firms cooperate closely in Singapore to deliver a complementary and seamless legal service.