The scheme, known as the Offshore Voluntary Compliance Initiative was launched by the US Treasury in January, and involved accountants and law firms being sued to reveal the names of dubious customers.
The Inland Revenue Service reported a strong response with 1,200 coming forward, but to date just $744,546 has been collected, according to a study undertaken by the Treasury’s inspector-general for tax administration.
These findings have been disputed by the IRS, which claims that $75m has been collected.
Both the OECD and the Financial Action Task Force have been hard at work trying to get offshore tax shelters to comply with transparency requirements in an attempt to halt money laundering by drug barons, terrorist organisations and other illegal activities.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements