Report highlights 'murky' tax gap in the US
New report shows tax owed to the US government from cross-border transactions doesn't add up
As much as $123bn (£86bn) of taxes is owed to the Internal Revenue Service
from cross-border transactions, however this figure is questionable, according
to a new report.
The treasury inspector general for tax administration said the IRS is yet to
develop an accurate system for measuring the size of the international tax gap,
according to
webcpa.com
The report suggests the tax gap could range from $40bn to $123bn in taxes
owed.
It is believed the IRS has no plans to develop a more accurate system for
measuring the international tax gap, citing cost, staffing and technical
limitations.
Further Reading:
HMRC
chief reveals plans to close the tax gap
HMRC
urged to report on corporate tax dodgers
