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Author : Jane Gravelle
Publisher : DIANE Publishing
Page : 52 pages
File Size : 48,5 Mb
Release : 2009
Category : Banks and banking, International
ISBN : 9781437941111
Author : Congressional Research Congressional Research Service
Publisher : Createspace Independent Publishing Platform
Page : 0 pages
File Size : 43,6 Mb
Release : 2015-01-15
Category : Electronic
ISBN : 1507734484
Addressing tax evasion and avoidance through use of tax havens has been the subject of a number of proposals in Congress and by the President. Actions by the Organization for Economic Cooperation and Development (OECD) and the G-20 industrialized nations also have addressed this issue. In the 111th Congress, the HIRE Act (P.L. 111-147) included several anti-evasion provisions, and P.L. 111-226 included foreign tax credit provisions directed at perceived abuses by U.S. multinationals. Numerous legislative proposals to address both individual tax evasion and corporate tax avoidance have been advanced. Multinational firms can artificially shift profits from high-tax to low-tax jurisdictions using a variety of techniques, such as shifting debt to high-tax jurisdictions. Because tax on the income of foreign subsidiaries (except for certain passive income) is deferred until income is repatriated (paid to the U.S. parent as a dividend), this income can avoid current U.S. taxes, perhaps indefinitely. The taxation of passive income (called Subpart F income) has been reduced, perhaps significantly, through the use of hybrid entities that are treated differently in different jurisdictions. The use of hybrid entities was greatly expanded by a new regulation (termed check-the-box) introduced in the late 1990s that had unintended consequences for foreign firms. In addition, earnings from income that is taxed often can be shielded by foreign tax credits on other income. On average, very little tax is paid on the foreign source income of U.S. firms. Ample evidence of a significant amount of profit shifting exists, but the revenue cost estimates vary substantially. Evidence also indicates a significant increase in corporate profit shifting over the past several years. Recent estimates suggest losses that may approach, or even exceed, $100 billion per year. Individuals can evade taxes on passive income, such as interest, dividends, and capital gains, by not reporting income earned abroad. In addition, because interest paid to foreign recipients is not taxed, individuals can evade taxes on U.S. source income by setting up shell corporations and trusts in foreign haven countries to channel funds into foreign jurisdictions. There is no general third-party reporting of income as is the case for ordinary passive income earned domestically; the Internal Revenue Service (IRS) relies on qualified intermediaries (QIs). In the past, these institutions certified nationality without revealing the beneficial owners. Estimates of the cost of individual evasion have ranged from $40 billion to $70 billion. The Foreign Account Tax Compliance Act (FATCA; included in the HIRE Act, P.L. 111-147) introduced required information reporting by foreign financial intermediaries and withholding of tax if information is not provided. These provisions became effective only recently, and their consequences are not yet known. Most provisions to address profit shifting by multinational firms would involve changing the tax law: repealing or limiting deferral, limiting the ability of the foreign tax credit to offset income, addressing check-the-box, or even formula apportionment. President Obama's proposals include a proposal to disallow overall deductions and foreign tax credits for deferred income, along with a number of other restrictions. Changes in the law or anti-abuse provisions have also been introduced in broader tax reform proposals. Provisions to address individual evasion include increased information reporting and provisions to increase enforcement, such as shifting the burden of proof to the taxpayer, increased penalties, and increased resources. Individual tax evasion is the main target of the HIRE Act, the proposed Stop Tax Haven Abuse Act, and some other proposals.
Author : Jane Gravelle
Publisher : Unknown
Page : 0 pages
File Size : 43,5 Mb
Release : 2010
Category : Electronic
ISBN : OCLC:1055251296
The first section of this report reviews what countries might be considered tax havens, including a discussion of the Organization for Economic Development and Cooperation (OECD) initiatives and lists. The next two sections discuss, in turn, the corporate profit-shifting mechanisms and evidence on the existence and magnitude of profit shifting activity. The following two sections provide the same analysis for individual tax evasion. The report concludes with overviews of alternative policy options and a summary of specific legislative proposals.
Author : Organisation for Economic Co-operation and Development. Committee on Fiscal Affairs
Publisher : Organization for Economic Co-operation and Development ; [Washington, D.C. : OECD Publications and Information Centre
Page : 124 pages
File Size : 44,9 Mb
Release : 1987
Category : Double taxation
ISBN : UCSD:31822003577673
Compilation of four related studies.
Author : Jonathan K. Burkin
Publisher : Unknown
Page : 0 pages
File Size : 42,9 Mb
Release : 2011
Category : Tax evasion
ISBN : 1611228921
The federal government loses both individual and corporate income tax revenue from the shifting of profits and income into low-tax countries, often referred to as tax havens. The revenue losses from this tax avoidance and evasion are difficult to estimate, but some have suggested that the annual cost of offshore tax abuses may be around $100 billion per year. International tax avoidance can arise from large multinational corporations who shift profits into low-tax foreign subsidiaries or wealthy individual investors who set up secret bank accounts in tax haven countries. This book explores tax havens, as well as the issues in international avoidance and evasion.
Author : OECD
Publisher : OECD Publishing
Page : 108 pages
File Size : 47,8 Mb
Release : 1987-04-30
Category : Electronic
ISBN : 9789264605077
The first report outlines the reasons why international tax avoidance and evasion through the use of tax havens is a concern to the tax authorities of OECD Member countries and examines measures introduced to combat such use. The second report sets out the problems posed for tax administrations by the fact that their resident taxpayers make use of base companies (generally subsidiary companies) in tax havens to shelter there income derived from source countries (which may in some cases be the residence country itself) and in that way to escape tax normally payable to the country of residence. The third report deals with the problems created for tax authorities in source countries by the mechanism of "treaty shopping". The final report deals with taxation and the abuse of bank secrecy.
Author : Richard A. Gordon
Publisher : The Minerva Group, Inc.
Page : 277 pages
File Size : 54,5 Mb
Release : 2002-08
Category : Tax exemption
ISBN : 9780894991370
This book was written at the request of the Commissioner of Internal Revenue, The Assistant Attorney General (Tax Division), and the Assistant Secretary of the Treasury (Tax Policy).The purpose of this book was to develop an overview of tax havens and the use of tax havens by United States taxpayers. The study sought to determine the frequency and nature of tax haven transactions, identify specific types of tax haven transactions, obtain a description of the United States and foreign legal and regulatory environment in which tax haven transactions are conducted, describe Internal Revenue Service and Justice Department efforts to deal with tax haven related transactions, and to identify interagency coordination problems.The findings are based on a review of judicial decisions and published literature in the field of international tax planning, research into internal IRS documents concerning taxpayer activities, interviews with IRS personnel, personnel who deal with tax haven issues for other Federal government agencies, and lawyers and certified public accountants who specialize in international taxation. The findings are also based on a statistical analysis of available data concerning international banking, United States direct investment abroad, and foreign investment in the United States. While the findings did not uncover all the methods employed to use tax havens, the belief is that the inquiry was extensive enough to give an understanding of the situation and to enable the IRS to develop options which might be useful in improving the administration of the tax laws as they apply to tax havens
Author : Richard A. Gordon
Publisher : Unknown
Page : 256 pages
File Size : 42,5 Mb
Release : 1981
Category : Government publications
ISBN : UOM:39015002225392
Overview of tax havens and the use of tax havens by US taxpayers. The study sought to determine the frequency and nature of tax haven transactions, identify specific types of tax haven transactions, obtain a description of the US and foreign legal and regulatory environment in which tax haven transactions are conducted, describe the IRS and Justice Department efforts to deal with tax haven related transactions, and to identify interagency coordination problems.
Author : Ronen Palan,Richard Murphy,Christian Chavagneux
Publisher : Cornell University Press
Page : 281 pages
File Size : 51,8 Mb
Release : 2013-04-15
Category : Business & Economics
ISBN : 9780801468551
From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance.In Tax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system—their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth—the equivalent of the annual U.S. Gross National Product—and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies.The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.
Author : Sébastien Guex,Hadrien Buclin
Publisher : Palgrave Macmillan
Page : 0 pages
File Size : 50,5 Mb
Release : 2023-05-23
Category : History
ISBN : 3031181182
This collective book offers a panorama of the history of tax evasion, tax avoidance and tax havens from the nineteenth century to the present day, based on the latest research in contemporary history. It aims to show that this phenomenon is at the heart of global capitalism, partly as a response of the ruling classes to the rise of progressive taxation, but for other reasons too: notably the development of a powerful tax evasion and avoidance industry in different countries. The book argues that tax competition between states has stimulated the development of tax havens. It discusses the notion of the ‘tax haven’ and proposes a more rigorous concept - that of the ‘tax predator’. Finally, the book sheds light on the socio-political conflicts that have developed around tax evasion and the way in which states have fought against or tolerated the phenomenon.
Author : Caroline Doggart
Publisher : Unknown
Page : 162 pages
File Size : 52,8 Mb
Release : 1987
Category : Tax havens
ISBN : UCSD:31822007646011
Financial and legal information on the world's major tax havens and offshore business centres, as well as a comparative assessment of their uses by companies and emigrants.
Author : Wade D. Brookins
Publisher : Nova Science Pub Incorporated
Page : 490 pages
File Size : 47,5 Mb
Release : 2009
Category : Political Science
ISBN : 1606922831
This book provides information on an issue of critical importance to tax administration in this country; the practice of sheltering U.S. earned income in foreign jurisdictions as a means of avoiding U.S. taxation. Each year, the United States loses an estimated $100 billion in tax revenues due to offshore tax abuses. Offshore tax havens today hold trillions of dollars in assets provided by citizens of other countries, including the United States. A related issue is the extent to which financial institutions in tax havens may be facilitating international tax evasion. About 50 tax havens operate in the world today with their twin hallmarks being secrecy and tax avoidance. Billions and billions of dollars worth of U.S. assets find their way into these secrecy tax havens, aided by banks, trust companies, accountants, lawyers, and from offshore tax abuses. This book discusses such sources of tax havens, as well as the steps that the IRS has taken to alleviate this problem.
Author : Anonim
Publisher : Unknown
Page : 118 pages
File Size : 53,6 Mb
Release : 1982
Category : Business & Economics
ISBN : STANFORD:36105043806087
Analysis of the different approaches adopted by the tax authorities of the principal, developed countries.
Author : John Francis Avery Jones
Publisher : Unknown
Page : 166 pages
File Size : 49,9 Mb
Release : 1974
Category : Tax evasion
ISBN : UOM:35128000282614
This book contains, in a slightly edited version, the papers given at a conference organized by Associated Business Programmes in Amsterdam in November 1973.
Author : Sebastian Beer,Ruud A. de Mooij,Ms.Li Liu
Publisher : International Monetary Fund
Page : 45 pages
File Size : 45,7 Mb
Release : 2018-07-23
Category : Business & Economics
ISBN : 9781484370537
This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate inversions. Moreover, it performs a meta analysis of the extensive literature that estimates the overall size of profit shifting. We find that the literature suggests that, on average, a 1 percentage-point lower corporate tax rate will expand before-tax income by 1 percent—an effect that is larger than reported as the consensus estimate in previous surveys and tends to be increasing over time. The literature on tax avoidance still has several unresolved puzzles and blind spots that require further research.