Thirty-four nations disclosed a finalized model plan Monday to regularly share financial data for tax enforcement purposes as part of a broader crackdown on tax dodgers and offshore jurisdictions.
The U.S. Treasury Department will publish final rules this week on an anti-tax evasion law intended to compel foreign banks to disclose data on their high-value American clients, say sources.
Set to take effect in a little more than a year, a U.S. plan to shine a light on American tax evaders holding accounts abroad is spurring detractors and imitators alike.
Financial institutions concerned about a looming Foreign Account Tax Compliance Act implementation date can breathe easier, at least for another year, under a new U.S. Treasury Department timetable.
A plan by the United Kingdom's Parliament to make it obligatory for non-U.K. financial institutions to disclose data about their British clients is likely to face stiff resistance from the banking sector, say sources.
The U.S. Treasury Department disclosed model plans Thursday that will allow five nations to comply with American tax data-sharing requirements set to take effect early next year.
The United States disclosed a plan Thursday that would allow Switzerland and Japan to comply with a controversial U.S. anti-tax evasion law despite bank secrecy controls in the countries.
Even as Swiss and U.S. authorities near an expected settlement over American allegations of tax evasion, some financial institutions in Switzerland are informing their clients how to disguise money abroad, say industry sources.
Financial industry groups from several countries called on U.S. officials to extend by one year a deadline to comply with an anti-tax evasion law that takes effect in January.
With the first deadline for an anti-tax evasion law a year away, foreign financial institutions remain unsure about their obligation to renew certain certifications and amend their recordkeeping procedures.
At least twenty senators have backed an amendment that would stymie an IRS proposal that could allow other nations to more easily obtain data on nonresident bank clients in the United States.
Banks are lining up behind a bill that would block U.S. officials from ordering them to hand over data to foreign countries on clients suspected of dodging taxes abroad.
The U.S. Internal Revenue Service Thursday extended deadlines and introduced a phased-approach for foreign banks to comply with a new law designed to detect and discourage tax evasion.
U.S. banks could be required to deny credit card transactions from foreign financial institutions linked to tax evaders under a measure introduced Tuesday by the chairman of the Senate Permanent Subcommittee on Investigations.
A U.S. anti-tax haven law that goes into effect in 2013 may serve as a model for European legislators seeking to recoup lost tax revenue, said speakers at an anti-money laundering conference on Monday and Tuesday.
Advocacy groups and developing countries are lobbying the United Nations to bolster its role in fighting tax crimes following disappointments with the efforts of an intergovernmental group representing wealthy nations.
The U.S. crackdown on tax evasion that began with the UBS AG settlement is prompting widespread changes in how foreign banks serve American clients and bringing individual bankers under greater scrutiny.
A U.S. Treasury Department plan to require American banks to report the accounts they maintain for foreign clients is likely to raise compliance costs for the institutions, say tax attorneys.
An IRS personnel reshuffle designed to combat offshore tax evasion coincides with an influx of over 800 new employees and will facilitate enforcement of a controversial tax law beginning in 2013, say analysts.
The chairmen of the Senate Finance and House Ways and Means committees unveiled legislation Tuesday designed to help the I.R.S. find tax evaders with assets housed in offshore jurisdictions.