The tax administrations from the United States (the Internal Revenue Service (IRS)), Australia (the Australian Tax Office (ATO)) and the United Kingdom (HM Revenue & Customs (HMRC)) announced, on 9 May 2013, a plan to share tax information with regard to a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world. The announcement was made in an IRS News Release (IR-2013-48). According to the News Release, the three countries have acquired a substantial amount of data revealing extensive use of such entities organized in various jurisdictions including Singapore, the British Virgin Islands, Cayman...