Tax evasion from wealthy individuals using a variety of offshore schemes, including hiding assets in foreign bank accounts, robs U.S. taxpayers of tens of billions of dollars per year — and the costs for developing countries are even worse. A growing global norm in favor of transparency can ensure that all are held equally accountable for paying the taxes they owe.
FACT provides Senate testimony twice in one week, and Treasury’s new draft rules for real estate transactions and investment advisers draw the U.S. closer to shedding it’s status as the world’s number-one destination for dirty money.
Read FACT policy director Zorka Milin’s full written testimony before the Senate Budget Committee, which details policy recommendations to curb offshore tax evasion by individuals and major multinationals.
In January, FACT, TI-US, and GFI held a press briefing detailing the Coalition’s main policy areas to watch in 2024, including imminent actions by Treasury addressing money laundering risks through U.S. real estate and private investment markets, as well as new work at the intersection of environmental and financial crime.
The OECD/G20 Inclusive Framework Multilateral Convention to Implement Amount A of Pillar One represents a historic and long overdue step to allow greater taxing rights for destination countries, as well as a potential source of expanded US public revenues.
A number of small, but important, bureaucratic steps draw FinCEN closer to full implementation of the CTA, and the IRS announces sweeping new tax enforcement efforts focused on large corporations and high-wealth individuals.
The Disclosure of Tax Havens and Offshoring Act would shine a light on the abuse of offshore tax havens by requiring multinational corporations to publicly report overseas tax and operational data on a country-by-country basis.
