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Tax Haven Abuses
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Author :United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations Publisher : ISBN 13 : Total Pages :1818 pages Book Rating :4.0/5 ( download)
Book Synopsis Tax Haven Abuses by : United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations
Download or read book Tax Haven Abuses written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations and published by . This book was released on 2006 with total page 1818 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Havens and Their Use by United States Taxpayers by : Richard A. Gordon
Download or read book Tax Havens and Their Use by United States Taxpayers written by Richard A. Gordon and published by . This book was released on 1981 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Overview of tax havens and the use of tax havens by US taxpayers. The study sought to determine the frequency and nature of tax haven transactions, identify specific types of tax haven transactions, obtain a description of the US and foreign legal and regulatory environment in which tax haven transactions are conducted, describe the IRS and Justice Department efforts to deal with tax haven related transactions, and to identify interagency coordination problems.
Book Synopsis Tax Havens and Their Use by United States Taxpayers - An Overview by : Richard A. Gordon
Download or read book Tax Havens and Their Use by United States Taxpayers - An Overview written by Richard A. Gordon and published by The Minerva Group, Inc.. This book was released on 2002-08 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was written at the request of the Commissioner of Internal Revenue, The Assistant Attorney General (Tax Division), and the Assistant Secretary of the Treasury (Tax Policy).The purpose of this book was to develop an overview of tax havens and the use of tax havens by United States taxpayers. The study sought to determine the frequency and nature of tax haven transactions, identify specific types of tax haven transactions, obtain a description of the United States and foreign legal and regulatory environment in which tax haven transactions are conducted, describe Internal Revenue Service and Justice Department efforts to deal with tax haven related transactions, and to identify interagency coordination problems.The findings are based on a review of judicial decisions and published literature in the field of international tax planning, research into internal IRS documents concerning taxpayer activities, interviews with IRS personnel, personnel who deal with tax haven issues for other Federal government agencies, and lawyers and certified public accountants who specialize in international taxation. The findings are also based on a statistical analysis of available data concerning international banking, United States direct investment abroad, and foreign investment in the United States. While the findings did not uncover all the methods employed to use tax havens, the belief is that the inquiry was extensive enough to give an understanding of the situation and to enable the IRS to develop options which might be useful in improving the administration of the tax laws as they apply to tax havens
Book Synopsis Federal Efforts to Define and Combat the Tax Haven Problem by : United States General Accounting Office
Download or read book Federal Efforts to Define and Combat the Tax Haven Problem written by United States General Accounting Office and published by . This book was released on 2004-12-01 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Testimony from the Director of the General Government Division of the General Accounting Office before the Subcommittee on Commerce, Consumer and Monetary Affairs of the Committee on Government Operations of the U.S. House of Representatives, primarily on the Internal Revenue Service's efforts to detect and deter tax law abuses relating to tax havens. The Federal Government is concerned about tax havens primarily because they afford significant opportunities to abuse the tax system, particularly through tax evasion. While the extent of illegal use of tax havens cannot be readily quantified, IRS estimates that tax evasion through the use of haven countries is costing the Treasury billions of dollars annually.
Book Synopsis Tax Haven Banks by : Wade D. Brookins
Download or read book Tax Haven Banks written by Wade D. Brookins and published by Nova Science Pub Incorporated. This book was released on 2009 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides information on an issue of critical importance to tax administration in this country; the practice of sheltering U.S. earned income in foreign jurisdictions as a means of avoiding U.S. taxation. Each year, the United States loses an estimated $100 billion in tax revenues due to offshore tax abuses. Offshore tax havens today hold trillions of dollars in assets provided by citizens of other countries, including the United States. A related issue is the extent to which financial institutions in tax havens may be facilitating international tax evasion. About 50 tax havens operate in the world today with their twin hallmarks being secrecy and tax avoidance. Billions and billions of dollars worth of U.S. assets find their way into these secrecy tax havens, aided by banks, trust companies, accountants, lawyers, and from offshore tax abuses. This book discusses such sources of tax havens, as well as the steps that the IRS has taken to alleviate this problem.
Book Synopsis Tax Havens: International Tax Avoidance and Evasion by : Jane Gravelle
Download or read book Tax Havens: International Tax Avoidance and Evasion written by Jane Gravelle and published by DIANE Publishing. This book was released on 2009 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Recourse to Tax Havens-use and Abuse by :
Download or read book Recourse to Tax Havens-use and Abuse written by and published by . This book was released on 1980 with total page 91 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Tax Havens and International Human Rights by : Paul Beckett
Download or read book Tax Havens and International Human Rights written by Paul Beckett and published by Routledge. This book was released on 2017-10-02 with total page 346 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book sails in uncharted waters. It takes a human rights-based approach to tax havens, and is a detailed analysis of structures and the laws that generate and support these. It makes plain the unscrupulous or merely indifferent ways in which, using tax havens, businesses and individuals systematically undermine and for all practical purposes eliminate access to remedies under international human rights law. It exposes as abusive of human rights a complex structural web of trusts, companies, partnerships, foundations, nominees and fiduciaries; secrecy, immunity and smoke screens. It also lays bare the cynical manipulation by tax havens of traditional legal forms and conventions, and the creation of entities so bizarre and chimeric that they defy classification. Yet from the perspective of the tax havens themselves, these are entirely legitimate; the product of duly enacted domestic laws. This book is not a work of investigative journalism in the style of the Pulitzer Prize-winning authors of The Panama Papers, exposing political or financial corruption, money laundering or the financing of terrorism. All those elements are present of course, but the focus is on international human rights and how tax havens do not merely facilitate but actively connive at their breach. The tax havens are compromising the international human rights legal continuum.
Author :Congressional Research Congressional Research Service Publisher :Createspace Independent Publishing Platform ISBN 13 :9781507734483 Total Pages :0 pages Book Rating :4.7/5 (344 download)
Book Synopsis Tax Havens by : Congressional Research Congressional Research Service
Download or read book Tax Havens written by Congressional Research Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2015-01-15 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Addressing tax evasion and avoidance through use of tax havens has been the subject of a number of proposals in Congress and by the President. Actions by the Organization for Economic Cooperation and Development (OECD) and the G-20 industrialized nations also have addressed this issue. In the 111th Congress, the HIRE Act (P.L. 111-147) included several anti-evasion provisions, and P.L. 111-226 included foreign tax credit provisions directed at perceived abuses by U.S. multinationals. Numerous legislative proposals to address both individual tax evasion and corporate tax avoidance have been advanced. Multinational firms can artificially shift profits from high-tax to low-tax jurisdictions using a variety of techniques, such as shifting debt to high-tax jurisdictions. Because tax on the income of foreign subsidiaries (except for certain passive income) is deferred until income is repatriated (paid to the U.S. parent as a dividend), this income can avoid current U.S. taxes, perhaps indefinitely. The taxation of passive income (called Subpart F income) has been reduced, perhaps significantly, through the use of hybrid entities that are treated differently in different jurisdictions. The use of hybrid entities was greatly expanded by a new regulation (termed check-the-box) introduced in the late 1990s that had unintended consequences for foreign firms. In addition, earnings from income that is taxed often can be shielded by foreign tax credits on other income. On average, very little tax is paid on the foreign source income of U.S. firms. Ample evidence of a significant amount of profit shifting exists, but the revenue cost estimates vary substantially. Evidence also indicates a significant increase in corporate profit shifting over the past several years. Recent estimates suggest losses that may approach, or even exceed, $100 billion per year. Individuals can evade taxes on passive income, such as interest, dividends, and capital gains, by not reporting income earned abroad. In addition, because interest paid to foreign recipients is not taxed, individuals can evade taxes on U.S. source income by setting up shell corporations and trusts in foreign haven countries to channel funds into foreign jurisdictions. There is no general third-party reporting of income as is the case for ordinary passive income earned domestically; the Internal Revenue Service (IRS) relies on qualified intermediaries (QIs). In the past, these institutions certified nationality without revealing the beneficial owners. Estimates of the cost of individual evasion have ranged from $40 billion to $70 billion. The Foreign Account Tax Compliance Act (FATCA; included in the HIRE Act, P.L. 111-147) introduced required information reporting by foreign financial intermediaries and withholding of tax if information is not provided. These provisions became effective only recently, and their consequences are not yet known. Most provisions to address profit shifting by multinational firms would involve changing the tax law: repealing or limiting deferral, limiting the ability of the foreign tax credit to offset income, addressing check-the-box, or even formula apportionment. President Obama's proposals include a proposal to disallow overall deductions and foreign tax credits for deferred income, along with a number of other restrictions. Changes in the law or anti-abuse provisions have also been introduced in broader tax reform proposals. Provisions to address individual evasion include increased information reporting and provisions to increase enforcement, such as shifting the burden of proof to the taxpayer, increased penalties, and increased resources. Individual tax evasion is the main target of the HIRE Act, the proposed Stop Tax Haven Abuse Act, and some other proposals.
Book Synopsis Tax Haven Abuses: The Enablers, The Tools And Secrecy-Vol. 4 of 4, S. Hrg. 109-797, August 1, 2006, 109-2 Hearing, * by :
Download or read book Tax Haven Abuses: The Enablers, The Tools And Secrecy-Vol. 4 of 4, S. Hrg. 109-797, August 1, 2006, 109-2 Hearing, * written by and published by . This book was released on 2007 with total page 1484 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Bridging the Tax Gap by : Max Sawicky
Download or read book Bridging the Tax Gap written by Max Sawicky and published by . This book was released on 2005 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering thorough understanding of the crisis facing federal tax administration and suggesting practical approach to solving issues that have arisen.
Download or read book Tax Havens written by Jonathan K. Burkin and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The federal government loses both individual and corporate income tax revenue from the shifting of profits and income into low-tax countries, often referred to as tax havens. The revenue losses from this tax avoidance and evasion are difficult to estimate, but some have suggested that the annual cost of offshore tax abuses may be around $100 billion per year. International tax avoidance can arise from large multinational corporations who shift profits into low-tax foreign subsidiaries or wealthy individual investors who set up secret bank accounts in tax haven countries. This book explores tax havens, as well as the issues in international avoidance and evasion.
Author :United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations Publisher : ISBN 13 :9780160784996 Total Pages :0 pages Book Rating :4.7/5 (849 download)
Book Synopsis Tax Haven Abuses by : United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations
Download or read book Tax Haven Abuses written by United States. Congress. Senate. Committee on Homeland Security and Governmental Affairs. Permanent Subcommittee on Investigations and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Tax Havens written by Ronen Palan and published by Cornell University Press. This book was released on 2013-02-01 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance. In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system-their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth-the equivalent of the annual U.S. Gross National Product-and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies. The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.
Book Synopsis TAX HAVEN ABUSES:THE ENABLERS,... HRG.... S. HRG.109-797, VOL. 1 OF 4... COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS, U.S. SENATE... 109TH. by :
Download or read book TAX HAVEN ABUSES:THE ENABLERS,... HRG.... S. HRG.109-797, VOL. 1 OF 4... COMMITTEE ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS, U.S. SENATE... 109TH. written by and published by . This book was released on 2007* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis TAX HAVEN ABUSES: THE ENABLERS,... HRG.... S. HRG. 109-797,VOL.1 OF 4... COM. ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS,U.S. SENATE... 109TH CONGRESS,2ND SESSION. by :
Download or read book TAX HAVEN ABUSES: THE ENABLERS,... HRG.... S. HRG. 109-797,VOL.1 OF 4... COM. ON HOMELAND SECURITY AND GOVERNMENTAL AFFAIRS,U.S. SENATE... 109TH CONGRESS,2ND SESSION. written by and published by . This book was released on 2007* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Dirty Secrets written by Richard Murphy and published by Verso Books. This book was released on 2017-02-07 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Panama Papers demonstrated that the superrich hide their wealth from the rest of us. Dirty Secrets shows that this was not by accident, but by design. It was the result of a powerful alliance of the wealthy, their advisers and the state that has undermined all attempts to solve the tax haven problem. This is because tax havens are the unacknowledged heart of globalized capitalism. Their purpose is to provide freedom from regulation. The exponents say this makes markets work and so we all gain. But this argument has now failed. Furthermore democracy itself is being threatened by the political fallout from the mistrust this regime has created. The result is that tax havens are now a threat to the very system that supposedly spawned it. Dirty Secrets is the most revelatory examination of the crisis by a leading expert, but also offers solutions on how governments can regulate havens and what the world might look like without them.
