BusinessCompany NewsUS tax havens amnesty fails to deliver

US tax havens amnesty fails to deliver

Attempts by the US to get tax havens to comply with tax laws using a $56m (£34m) amnesty program, has so far failed miserably, collecting under $1m.

Link: Tax treaties could be made illegal

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.

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