US Highways Bill Takes Aim At Tax Havens
12 March 2012
The Democrat-led Senate has adopted an amendment, which would provide a range of further measures for the Treasury Department to take against foreign governments and financial institutions that "significantly impede United States tax enforcement, to the bill to provide for an extension of the United States highway-related taxes.
The provisions of the amendment offered by Carl Levin (D Michigan) and Kent Conrad, (D North Dakota) had previously been included in the Cut Unjustified Loopholes Act, which they had introduced in February.
While the proposals would give the Treasury a set of tools to combat foreign governments or financial institutions that impede US tax enforcement, it was said that those jurisdictions and banks that are complying with the Foreign Account Tax Compliance Act will be viewed favourably. However, for example, for other jurisdictions considered as tax havens, the Treasury could prohibit US banks from accepting wire transfers or honouring credit cards from banks found to significantly hamper US tax enforcement efforts.
"This legislation will grant Treasury a new tool to combat offshore tax havens and financial institutions that stand in Treasurys way of enforcing our tax laws. More must be done to clamp down on these tax havens and other schemes that are often solely designed reduce tax bills, said Conrad, Chairman of the Senate Budget Committee.
I have fought against offshore tax havens for years, and I am glad the Senate has taken another strong step in the fight against foreign governments and offshore banks that help privileged individuals and corporations dodge taxes, added Levin, chairman of the Senate Permanent Subcommittee on Investigations.
The Joint Committee on Taxation had calculated that a similar version of the amendment could reduce the deficit by USD900m over 10 years.
The underlying highways bill looks to renew the excise taxes that finance the Federal Highway Trust Fund (FHTF) programme. As most of those taxes are scheduled to expire after March 31, 2012, action by Congress is now considered to have some urgency.
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US Highways Bill Takes Aim At Tax Havens
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