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Anguilla
makes the list - bill S.681.IS, being pushed by Senators
including Obama |
June 26, 2007: Anguilla has been named along with 34
other regional and international jurisdictions with regards
to new legislation being proposed by three U.S. Senators,
including U.S. presidential hopeful Barrack Obama, which
seeks to restrict the use of offshore jurisdictions by
American companies and individuals to avoid taxation.
Among the other jurisdictions mentioned in the provisions of
the Stop Tax Haven Abuse Act are Anguilla, Aruba, Antigua
and Barbuda. Bahamas, Barbados, Bermuda, the British Virgin
Islands, the Cayman Islands, Netherlands Antilles, St. Kitts
& Nevis, St. Lucia, Grenada, and the Turks and Caicos.
These jurisdictions and others have been Identified by the
Internal Revenue Service (IRS) as 'offshore secrecy
jurisdictions"- jurisdictions with secrecy laws or practices
that unreasonably restrict U.S. tax authorities from
obtaining needed information. Senator Obama, along with
Republican Senator Norm Coleman and Democratic Senator Carl
Levin, claim that tax avoidance in the U.S. leads to roughly
US$100 billion lost annually in U.S. tax revenues.
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The idea of the bill is basically to collect taxes from
people that put their money in non-tax jurisdictions however
there is no guarantee, that the legislation
will make it through Congress, as a plethora of legislation
is introduced every year in the U.S., and many are never
signed into law.
Among its many provisions the legislation, introduced in the
House of Representatives as bill H.R.2136.IH, and in the
Senate as bill
S.681.IS, seeks to
prevent the misuse of foreign trusts for tax evasion, seeks
to improve the enforcement of foreign financial account
reporting, and provides penalties for the promotion of
abusive tax shelters. |
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