Tax Haven Banks and U.S. Tax Compliance
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Serial Number
Levin Center Identifier
OR.110.33
Document Date
2008-07-17
Report Length
114 pages
Policy Agendas Project Major Code
Policy Agendas Project Minor Code
Additional, Minority, Dissenting Views
Report Type
Found Using Methodology
Subcommittee(s)
Commission(s)
Idependent Author(s)
Brief Executive Summary
The Permanent Subcommittee on Investigations conducted the following investigation into tax haven banks, who they spectate may be assisting U.S taxpayers to evade taxes and have been manipulating their reporting obligations under the Qualified Intermediary Program. The findings within this report conclude with previous assumptions that banks have been acting illegally by aiding U.S taxpayers by utilizing their secrecy laws as a cloak, employing banking practices that aid tax evasion, not disclosing U.S client account with billions of dollars to the IRS, and have assisted their U.S. clients in structuring their foreign accounts to avoid QI reporting to the IRS.
Press Releases and Contextual Information
Related Hearings
Senate Committee on Homeland Security and Governmental Affairs, Permanent Subcommittee on Investigations, hearing on "Tax Haven Banks and U.S. Tax Compliance," 110th Cong., S.Hrg. 110-614, (2008, July 17)