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Offshore Tax Evasion: The Effort to Collect Unpaid Taxes on Billions in Hidden Offshore Accounts
Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Homeland Security and Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Senate Committee on Homeland Security and Governmental Affairs' Permanent Subcommittee on Investigations issued a report on offshore tax abuse, including U.S. taxpayers using hidden offshore accounts. The investigation provides an assessment of U.S. efforts to combat offshore tax evasion through hidden foreign accounts. Particularly, they examine Credit Suisse, a major Swiss bank, that was involved in facilitating U.S. tax evasion. The report finds that the Swiss Bank had practices that facilitated U.S. tax evasion and had an inadequate bank response. The Subcommittee also examined lax U.S. enforcement and Swiss secrecy. The report recommends to improve prosecution of tax haven banks and hidden offshore account holders and increase transparency of tax haven banks that impede U.S. tax enforcement. It also recommend closing FATCA loopholes, ratifying a revised Swiss tax treaty, and streamlining John Doe summons.
Date
2014-02-26
Document Type
Senate Bipartisan Staff Report
Serial Number
Document Length
181 pages
Congress
113
Relation
DOI
Keywords
Staff Reports, Bipartisan
PAP Major Code
1: Macroeconomics
PAP Minor Code
107: Taxation, Tax Policy, and Broad Tax Reform