Stop Tax Haven Abuse Act: New Rules for Offshore Tax Avoidance
This act aims to curb tax avoidance by companies and individuals using offshore tax havens. It introduces new rules for reporting foreign income and assets, increases penalties for non-disclosure, and strengthens the government's ability to pursue tax evasion. Citizens may experience an indirect impact through increased government revenue.
Key points
Companies will need to disclose more information about their profits and taxes paid in different countries, increasing transparency.
New rules for foreign bank accounts and entities are introduced, making it easier to detect hidden assets and income.
Penalties for failing to disclose offshore holdings are increased, aiming to deter tax evasion.
Authorities will have enhanced powers to combat tax evasion, including special measures against jurisdictions and financial institutions impeding tax enforcement.
Expired
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