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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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|
IRS Chief Promises No Hiding Place For Tax Evaders,
by Mike Godfrey, Tax-News.com, Washington 06 March 2009
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US Internal Revenue Service Commissioner Doug Shulman told a Senate panel at a hearing on March 4 that the agency intends to deploy a number of weapons to counter international and offshore tax avoidance, including a beefed-up Qualified Intermediary program.
"It is of paramount importance to our system of voluntary compliance with
the tax law that citizens of this country have confidence that the system is
fair," Shulman stated in prepared testimony for delivery at the Senate
Permanent Subcommittee on Investigations hearing on offshore banks and US tax
compliance.
"We cannot allow an environment to develop where wealthy individuals can
go offshore and avoid paying taxes with impunity," Shulman stated, adding
that the IRS intends to "aggressively" pursue individuals and institutions
that facilitate unlawful tax avoidance.
Shulman informed the committee that he has already stepped up audits in this
area over the last five months, and that he intends to hire more investigators
with international expertise. However, he conceded that there is no "silver
bullet" compliance solution, and therefore the IRS and other government
agencies would deploy a number of strategies to encircle the non-compliant,
including through collaboration with national tax administrators at the Joint
International Tax Shelter Information Center (JITSIC), and, notably, through
an enhanced QI program.
The QI program was established in 2000 to encourage foreign banks to report
details of their US clients to the IRS for income tax purposes. Banks participating
in the program are offered the carrot of guaranteed access to the US market,
and get to withhold tax on client income at a lower rate. However, there has
been growing evidence that Americans determined to hide their assets from the
US tax man can easily do so by exploiting the system's flaws, in some cases
with the help of the banks.
Shulman told the panel that the IRS and Treasury Department are considering
a number of changes to the QI program, including expanding information reporting
requirements to include more sources of income for US persons with accounts
at QI banks, strengthening documentation rules and requiring withholding for
accounts with documentation that is considered insufficient.
Additionally, the IRS has already proposed changes that would shore up the
QI program in "substantial ways," Shulman stated. Under these proposals,
which were put out to consultation in October 2008, financial institutions that
are QIs must provide early notification of material failure of internal controls,
must improve evaluation of risk of circumvention of US taxation by US persons,
and must include audit oversight by a US auditor.
Shulman also requested at the hearing that Congress extend the time to assess
a tax liability with respect to offshore issues from three years to six years.
Concluding his testimony, Shulman assured the panel that the IRS intends to be at the forefront of the new charge against offshore.
"Because this is a global problem, it will require a closely coordinated
strategy among nations dedicated to ending this scourge that deprives our country
of precious resources and erodes confidence in the fairness of effectiveness
of our tax administration system," he stated.
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