Ending Tax Haven Abuse: New Rules for Corporations and Foreign Accounts
This act aims to make it harder for companies and individuals to avoid paying taxes by using foreign tax havens. It introduces new reporting obligations for businesses, increases penalties for hiding foreign assets, and strengthens tax authorities' powers to combat evasion. Citizens may experience an indirect impact through potential increases in government revenue.
Key points
Companies will need to disclose more information about their profits and taxes paid in different countries, increasing transparency.
Rules regarding foreign bank accounts will be strengthened, making it easier to detect undeclared income and assets.
New penalties will be introduced for hiding foreign assets and failing to report required information.
Law enforcement agencies will have broader powers to investigate suspicious foreign transactions and accounts.
Investment advisors and company formation agents will be subject to new anti-money laundering requirements.
Expired
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