This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax 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.
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.
Senate Tax Probe To Trigger New Offshore Crackdown, Warns Law Firm,
by Mike Godfrey, Tax-News.com, Washington
Wednesday, August 06, 2008
BakerPlatt, the UK-based law firm, has predicted that the current
investigation by the United States Senate into offshore banking will lead to
a more "onerous and rigorous environment" for financial institutions,
especially in the offshore arena.
"History suggests that aggressive measures introduced by the US revenue
authority one year are often copied by other jurisdictions in the following
years, and that ‘offshore’ financial institutions will be likely
to be key targets, irrespective of the conduct of their ‘offshore’
counterparts. This is particularly likely in an economic downturn," BakerPlatt
observed in a commentary on the investigation, entitled ‘Tax Haven Banks
and US Tax Compliance’, which is being carried out by the US Senate Subcommittee
on Investigations, part of the Committee on Homeland Security & Governmental
Affairs.
"The ramifications for all ‘offshore’ financial institutions
may, therefore, be significant, particularly in those jurisdictions which, like
Switzerland, have banking secrecy laws rather than the more widely accepted
rules on banking confidentiality. Without being able to ensure secrecy, banks
in ‘secrecy’ jurisdictions may lose one of their strongest selling
points," the firm added.
BakerPlatt also expressed alarm at the vehemence of the key lawmakers involved
in the hearing, including subcommittee chairman Carl Levin, who in his opening
remarks to the Senate hearing on the issue last month, accused the 50 'tax havens'
operating in the world today of engaging in "economic warfare" with
the United States. "Their twin hallmarks are secrecy and tax avoidance,"
Levin remarked.
It is said that the US Treasury loses in the order of USD100bn as a result
of offshore tax evasion, prompting Sen. Norm Coleman, the senior Republican
on the subcommittee, to use equally scathing language against some offshore
banks, describing them as "Al Capone safe houses for evading taxes."
A report published by the subcommittee prior to the hearing singled out the
activities of Swiss bank UBS, which is accused of helping US clients dodge taxes
by allowing some clients to flout US tax reporting rules, and Liechtenstein's
LGT bank, which stands at the centre of a global offshore tax evasion scandal
which ignited after a former employee sold confidential client data to the German
authorities.
The Committee has made a series of recommendations aimed at increasing disclosure
and strengthening enforcement, and, if implemented, BakerPlatt warns that they
could have "far reaching implications."
"The tone of the report is unfortunate in its sweeping condemnation of
offshore ‘tax havens,'" the firm noted.
"Many compliant institutions and jurisdictions will feel unwarranted pressure
as a result of some of the pugnacious comments aired in the report and by some
of its authors," the commentary warned.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed