Speaking behind a partition and masked by a voice scrambler, the man, using the name, ‘Mr. Janet’ told the finance committee, headed by Republican senator, Chuck Grassley, that companies were using the ‘Lilo’, or ‘Lease in, Lease out’ scheme, which took the form of fraudulent leases on subways, bridges, dams and other infrastructures.
Such abuses are believed to be costing the government around £11bn a year, the FT reported.
Grassley blamed accountants, law firms and investment banks for designing financial schemes to help their customer avoid paying tax.
He is fighting to gain greater funds for the Internal Revenue Service for enforcement and to penalise those guilty.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
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