US at risk of landing on Tax Blacklist

The US is at risk of landing on the European Union’s tax haven blacklist if it does not agree to exchange the bank account details of non-US citizens with governments around the world by June 2019.

This would be the result of the US failing to meet the 2019 deadline of adopting the OECD’s Common Reporting Standard (CRS).

Reports have also indicated that the 2017 US tax act has been referred to the OECD Forum for Harmful Tax Practices to determine whether this violates international standards and the outcome is said to be a determining factor as regards whether the US violates the EU’s corporate tax haven criteria.