Home  |  Contact Us  |  Breaking News  |  International Tax Planning News  |  Search  |  Site Map  |  Tax Links

 
 


Phillip Fry
Certified Tax Consultant

International Tax News

Algeria Tax Planning News

America Tax Planning News

Andorra Tax Planning News

Argentina Tax Planning News

Australia Tax Planning News

Belize Tax Planning News

Brazil Tax Planning News

British Virgin Islands Tax
Bulgaria Tax Planning News

Canada Tax Planning News

Cayman Islands Tax News

Chile Tax Planning News

China Tax Planning News

Colombia Tax Planning

Costa Rica Tax Planning

Cyprus Tax Planning News

Denmark Tax Planning News

Dubai Tax Planning News

Egypt Tax Planning News

Finland Tax Planning News

France Tax Planning News

Germany Tax Planning News

Gibraltar Tax Planning News

Greece Tax Planning News
Hong Kong Tax Planning

India Tax Planning News

Indonesia Tax Planning News
Iran Tax Planning News

Ireland Tax Planning News

Israel Tax Planning News

Italy Tax Planning News

Japan Tax Planning News

Labuan Tax Planning News

Liechtenstein Tax Planning

Luxembourg Tax Planning

Malaysia Tax Planning News

Malta Tax Planning News
Mexico Tax Planning News

Monaco Tax Planning News

Morocco Tax Planning News

Netherlands Tax Planning

New Zealand Tax Planning

Norway Tax Planning News

Panama Tax Planning News

Philippines Tax Planning

Poland Tax Planning News

Portugal Tax Planning News

Russia Tax Planning News

Saudi Arabia Tax Planning
Singapore Tax Planning News

Slovenia Tax Planning News

South Africa Tax Planning

Spain Tax Planning News

Sweden Tax Planning News

Switzerland Tax Planning

Taiwan Tax Planning News

Thailand Tax Planning News

United Kingdom Tax News

Uruguay Tax Planning News

Vanuatu Tax Planning News

Vietnam Tax Planning News

 

Little Known USA Tax
Savers for Businesses

 
 

 

U.S. Senate Examines Cayman Islands Tax Shelters

Washington, D.C. (July 25, 2008)
By WebCPA staff at http://www.webcpa.com

The U.S. Senate Finance Committee held a hearing on the use of offshore corporate tax shelters in the Cayman Islands, on the heels of hearings elsewhere in the Senate on individual tax havens in Switzerland and Liechtenstein.

Investigators from the Government Accountability Office reported to the committee on their investigation of a five-story building in the Cayman Islands that serves as the address for thousands of U.S. companies. "The last time that the press and the Senate looked at the Ugland House, in 2004, it had 12,748 tenants," said committee Chairman Max Baucus, D-Mont. "We asked GAO to go and look for itself. Remarkably, in the last four years, the Ugland House has found room for 6,000 new tenants, without even adding a new floor." Up to 9,000 of the residents of the building are American entities, he noted.

The committee and the GAO are probing the presence of hedge funds and other financial institutions in the Cayman Islands, the amount of assets involved, the ease with which U.S. citizens can establish a Cayman Islands company, and the challenges faced by the IRS in trying to uncover offshore tax evasion.

The GAO found that the Caymans have $41 million in bank assets for every resident.  "Finding these tax cheats is a bit like a game of cat and mouse," said ranking member Chuck Grassley, R-Iowa, in his opening statement. "Only the mouse is hiding its cheese offshore. The IRS needs to be able to stay ahead of the schemers who hide their income offshore. Congress needs to continue giving the IRS more tools to trap the tax cheats."

Both the Senate Finance Committee and the Permanent Subcommittee on Investigations have been examining the use of offshore bank accounts and entities in recent weeks, resulting in a pledge by UBS to stop offering offshore banking in Switzerland to U.S. residents. They have also been looking at flaws in the qualified intermediary program, which is supposed to require reporting of offshore holdings.

"The qualified intermediary program was introduced in 2001 with the stated purpose of allowing the IRS to get access to information about foreigners investing in the U.S. who were subject to withholding on interest and dividends," said attorney Jack Blum of Baker & Hostetler in his written testimony. "In fact, the program has become a device for concealing the identity of both Americans and foreigners who are cheating on taxes."


Home
Up


Also visit our other Tax Planning, Asset Protection, Real
Estate, Environmental, Health, Construction and Business Directory Links

Angeles City Real Estate
Angeles City Home
Angeles City House
Asset Protection
Bacolod Construction
Bacolod Home Builder

Bacolod Real Estate
Black Mold Picture
Black Mold Symptom
Black Toxic Mold
Black Mold House
Business Trust
Business Trust Formation
Cebu Home
Cebu House

Cebu Construction
Cebu Home Builder
Cebu Real Estate
Certified Herbalists Directory
Davao Real Estate
Davao Construction
Davao Home Builder
Dumaguete Hotels  

Dumaguete Construction

Dumaguete Home Builder 
Dumaguete House
Dumaguete Home
Dumaguete Apartment
Dumaguete Real Estate
Dumaguete Hotel Room
Dumaguete Hotel Reservation
Erectile Dysfunction
Estate Planning
Female Libido Enhancers
Herb Sex Boosters
International Real Estate
International Business Trust
Income Tax Planning
Kota Kinabalu Real Estate
Live Longer
Living Trust
Longevity
Manila Construction
Manila Home Builder
Mold
Mold Inspector
Mold Remediation
Mold Training
Negros Island Real Estate
Offshore Tax Planning
Philippine Real Estate
Philippine Businesses For Sale
Philippines Honeymoon
Sabah Real Estate For Sale
Sex News
Tax News
Tongkat Ali for Erection
Tribulus terrestris for Erectile Dysfunction
Where to Buy Business Directory  
 

 

  
   


 

 

 
 

To schedule your initial tax consultation with Mr. Fry, please email Phil at incometaxplanning@yahoo.com, or phone him 63-906-510-4000, 63-919-375-0302, or 63-35-226-3154 (Philippines) 7 pm-7 am Eastern Time (Canada/USA time), or FAX to: 63-35-226-3219.

Reduce Your Income Taxes, Inheritance Taxes, and
Estate Taxes Anywhere in the World with the Expert
Income Tax Planning and Estate Planning Help
and Advice of Certified Tax Consultant Phillip Fry.
Visit
International Tax News Articles.