Posted by offshorepedia on Mar 5, 2011 in Taxes | 0 comments
According to American Internal Revenue Service (IRS) more than 14,700 Americans have disclosed their secret foreign bank account under the amnesty program agreeing to repatriate the assets and pay back taxes and interest as well as reduced penalties. One major reason for this has without doubt been the between the IRS and the Swiss bank UBS where UBS has agreed to turn over the names of about 4,450 American clients suspected by the IRS of using the bank’s offshore services to evade taxes.
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Posted by offshorepedia on Feb 21, 2011 in Dictionary | 0 comments
The term tax haven is not clearly defined and there is some discussion as to how the term should be defined. For being regarding as a tax haven it is not sufficient that a jurisdiction offers low taxes. The OECD has stated that the following factors should be decisive if a jurisdiction should be regarded as a tax haven:
- No or nominal taxes.
- Lack of transparency.
- Laws or administrative practices that prevent the effective exchange of information for tax purposes with other governments on taxpayers benefiting from the no or nominal taxation.
- Absence of a requirement that the activity be substantial.
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