Headlines:
| US Senate takes aim at offshore tax havens |
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| Thursday, 17 July 2008 | |
A US Senate subcommittee is urging the establishment of
tougher laws to combat offshore tax havens around the world. The report estimates that offshore abuses were costing US taxpayers $100 billion a year. The senate subcommittee is taking particular aim at banks in Switzerland and Liechtenstein that it says help wealthy Americans commit massive tax evasion. But its recommendations if implemented, would also impact on so-called tax havens in the Caribbean. Those recommendations include more stringent US requirements for foreign banks and harsher penalties for financial institutions. |