Tax Haven Banks and US Tax Compliance

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US Senate Subcommittee calls for tougher anti-offshore measures

The alleged practices of two banks in Switzerland and Liechtenstein in helping United States taxpayers commit tax evasion have led to a renewed call for the U. S. Congress to pass an anti-offshore bill that is co-sponsored by presidential hopeful Barack Obama. The enactment of the 'Stop Tax Haven Abuse Act', which was introduced to Congress on February 17, 2007 and contains measures aimed at clamping down on offshore secrecy, trust loopholes, and offshore tax abuses, was one of the recommendations of a 114-page report entitled 'Tax Haven Banks and U. S. Tax Compliance' that was published by the U. S. Senate Permanent Subcommittee on Investigations on July 16, 2008.