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 Senators against tax havens

Offshore tax abuses are robbing the Treasury of $100 billion in lost revenue yearly, said Senator Carl Levin of Michigan.

It may be of interest to Tax Officers at the recent marcus evans Tax Officers Summit XII 2011, that Levin recently introduced legislation to “close offshore tax loopholes and strengthen offshore tax enforcement.”  

“People are sick and tired of tax dodgers using offshore trickery and abusive tax shelters to avoid paying their fair share. This bill offers powerful new tools to combat offshore and tax shelter abuses, raise revenues, and eliminate incentives to send US profits and jobs offshore,” Levin said in a press release. “Its provisions, which can help stop the $100 billion per year drain on the Treasury, will hopefully be part of any deficit reduction package this year, but should be passed in any event.”

The proposed measures will affect US corporations in many ways. Corporations with management and control located primarily in the US will not be able to claim status as foreign corporations, therefore will be subject to domestic taxes. US dollars that are “supposedly kept offshore by foreign subsidiaries of US Corporations but, in reality, are deposited into accounts physically located in the US,” will also be taxed.  

Another provision that may also affect Tax Officers is one where multinational companies may be required to provide basic information on a country-by-country basis in their filings with the Securities and Exchange Commission. This would “increase transparency and facilitate IRS inquiries into transfer pricing, foreign tax credits, and abusive offshore tax shelters”.

Senators Conrad, Bill Nelson, Sanders, Shaheen and Whitehouse are cosponsors, with many small businesses, labor and public interest groups, including the Financial Accountability and Corporate Transparency (FACT) Coalition and the American Sustainable Business Council, also backing the Stop Tax Haven Abuse Act.

The marcus evans Tax Officers Summit XII 2011 took place in Las Vegas, Nevada, November 10-12.

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