Offshore private banking subject to new Obama plan
US president Barack Obama has unveiled new plans which could potentially affect
offshore banking business.
Tax service the IRS would gain 800 new agents to crack down on abuses in the system under the proposals.
This could raise an extra $21 billion a year in revenue from corporations and some high net worth individuals.
The president said: ’I want to see our companies remain the most competitive in the world.
’But the way to make sure that happens is not to reward our companies for moving jobs off our shores or transferring profits to overseas tax havens.’
In Britain, prime minister Gordon Brown has also indicated that he wishes to take tighter control on
offshore private banking.
Last month, he wrote to Crown dependencies including the Cayman Islands, Bermuda and the Channel Islands, urging them to modify their tax laws in order to promote transparencies.
He also suggested in the letters that the dependencies could face sanctions if they failed to make changes within six months.
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Wednesday 30 September 09
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