The Panama Papers revelations as well as the 2014 LuxLeaks scandal exposed how individuals and corporations conceal their assets and hide their business dealings using offshore tax havens and shell companies.
Governments see a big opportunity to boost revenues by collecting taxes relating to these assets – however this can be only achieved, if sufficient data can be obtained from financial institutions around the world and automatically exchanged with other nations. Only then the tax authorities would be able to verify whether the taxpayer has accurately reported his or her income.
BPL International Legal Advisors have released bulletin on automatic exchange of information. You can download it here.