Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts

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Levin Center Identifier
Document Date
2014-02-26
Report Length
181 pages
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Yes
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Brief Executive Summary
The Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations issued a report on offshore tax abuse, including U.S. taxpayers using hidden offshore accounts. The investigation provides an assessment of U.S. efforts to combat offshore tax evasion through hidden foreign accounts. Particularly, they examine Credit Suisse, a major Swiss bank, that was involved in facilitating U.S. tax evasion. The report finds that the Swiss Bank had practices that facilitated U.S. tax evasion and had an inadequate bank response. The Subcommittee also examined lax U.S. enforcement and Swiss secrecy. The report recommends to improve prosecution of tax haven banks and hidden offshore account holders and increase transparency of tax haven banks that impede U.S. tax enforcement. It also recommend closing FATCA loopholes, ratifying a revised Swiss tax treaty, and streamlining John Doe summons.
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