A United States Senate committee has scheduled a hearing for next week to explore how and to what extent offshore banks may be flouting reporting rules and facilitating tax evasion among US investors.
The Permanent Subcommittee on Investigations will hold the hearing, entitled 'Tax Haven Banks and US Tax Compliance,' Thursday, 17th July 2008 in Room 106 of the Dirksen Senate Office Building.
This subcommittee is chaired by Sen. Carl Levin, the Michigan Democrat and a long-time campaigner against offshore secrecy and tax havens.
The hearing will examine how financial institutions located in offshore jurisdictions, including Liechtenstein and Switzerland, may be engaged in banking practices that could facilitate, and in some instances have resulted in, tax evasion and other misconduct by US clients.
The hearing will also examine how US domestic and international tax enforcement efforts could be strengthened.
The Subcommittee expects to issue a Subcommittee staff report in conjunction with the hearing summarizing its investigative findings.
A witness list will be announced on Monday, 14th July.
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