US wants to plug $8.5bn offshore leak
Wednesday 18th November 2009, 2:30PM GMT.
A PLAN has been introduced in the USA to crack down on offshore tax evasion.
Estimates suggest The Foreign Account Tax Compliance Act of 2009 would prevent $8.5bn of US tax leaking offshore in the next 10 years.
It would force foreign financial institutions, trusts and corporations to provide information about their US account holders, grantors and owners respectively.
‘This bill offers foreign banks a simple choice – if you wish to access our capital markets, you have to report on US account holders,’ said Committee of Ways and Means chairman Charles Rangel.
The move is part of wider international efforts to tackle abuse of offshore jurisdictions.
The bill is based on proposals in Obama’s 2010 budget, legislation proposed by Senator Carl Levin and Representative Lloyd Doggett and a draft released by Senator Max Baucus. Senator Levin’s Stop Tax Haven Abuse act named Guernsey among jurisdictions to be targeted.
- To read Guernsey Press stories in full, click here for subscription details. Individual editions are now available online.
Campaigns
Voice For Victims
Voice for Victims is a campaign aimed at promoting the rights of those affected by child sexual abuse.
This is Guernsey
Guernsey Press
Let’s face it, despite these little IMF and OECD reports, we are parasites and not facilitators of the efficient allocation of capital. Of course the big industrialised nations are coming for us now.
Report abuse
Most Guernsey banks are extremely cautious with US clients already. I don’t think this action will make much difference.
Report abuse
Oh no !
Arnald has changed his name again. This time to Claire Stephens
Report abuse
You’re funny, Ray. Funny.
Let’s hope all our CDD on those Cayman connections are complete.
Yeah, right.
Report abuse
Ahem, Mr Obama, I have one word for you…..
Delaware.
Report abuse
The Man
Senator Levin is on the case.
Report abuse