Thursday, 5 November 2015

US Ranks as Top Tax Haven, Refusing to Share Tax Data despite FATCA

From Forbes – 

“Over the last seven years, America has flexed its muscles at tax havens everywhere. With Schwarzenegger-like bulk, the U.S. has crushed Swiss banks and rooted out U.S. account holders worldwide. With its ambitious FATCA undertaking, the U.S. has cowed the world into submission. making foreign banks and foreign governments hand over what would be secret bank data about depositors.

Yet ironically, a new report by the Tax Justice Network says that the U.S. doesn’t practice what it preaches. Indeed, the report ranks America as one of the worst. How bad? Worse than the Cayman Islands. The report claims that America has refused to participate in the OECD’s global automatic information exchange for bank data. The OECD has been designing and implementing the system to target tax evasion. Given the IRS fixation on that topic, you might think that the U.S. would join in.”

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