Despite the world appearing politically segmented it is becoming increasingly “economically integrated”, Richard Hay, international tax law partner at Stikeman Elliot, told the audience at a Transcontinental Trusts Conference held in Geneva last week.

Businesses and investments are now internationalised, but governments are lagging behind and need to catch up with the private sector as tax globalisation is “underway at pace”. Governments are reluctant to share control of tax powers, but are increasingly accepting the necessity of doing just that, Mr Hay explained.

James Quarmby, partner at Stephenson Harwood and...