Addressing Tax Risks Involving Bank Losses
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The financial and economic crisis had a devastating impact on bank profits, with loss-making banks reporting global commercial losses of around USD 400 billion in 2008. This comprehensive report sets the market context for bank losses and provides an overview of the tax treatment of such losses in 17 OECD countries; describes the tax risks that arise in relation to bank losses from the perspective of both banks and revenue bodies; outlines the incentives that give rise to those risks; and describes the tools revenue bodies have to manage these potential compliance risks. It concludes with recommendations for revenue bodies and for banks on how risks involving bank losses can best be managed and reduced.
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Glossary of acronyms and technical terms
This glossary is intended to help readers to understand the context in which certain technical terms are used for purposes of this report. It does not intend to provide a legal definition of the different terms.
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