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International Superannuation and Pension Management |
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The US Government plans to step up criminal prosecutions of tax cheats hiding money in offshore accounts which is estimated to cost the US Government more than $100Billion in lost revenue.
The US IRS is preparing to pursue other foreign banks for allegedly facilitating tax evasion by wealthy Americans following its high-profile case against Switzerland’s UBS bank. In February 2009, UBS acknowledged that it helped US clients conceal assets from the US Government.
A Bill has been introduced to the US Senate- the Stop Tax Haven Abuse Bill - to deter the use of offshore secrecy jurisdictions for tax evasion; introduce other measures to combat tax haven and tax shelter abuses.
The bill will give the IRS increased penalties, anti-money laundering rules, prevent abusive tax shelter transactions and codify and strengthen the US economic substance doctrine.
Director Kelvin Boyd says: “The affect of this amendment on tax havens like the Caymans and the BVI has been immediate and dramatic. The days of opaque commercial structures are over!”
For further information we recommend these two links:
http://levin.senate.gov/newsroom/release.cfm?id=269479
http://taxjustice.blogspot.com/2008/11/obama-and-stop-tax-haven-abuse-act.html
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