Bloomberg Hong Kong is a new target of U.S. prosecutors pursuing a global campaign against evaders of federal taxes, spurred by data acquired in their crackdown on Swiss banks. Probes Beyond SwitzerlandDebriefings of Chernick started probes of financial institutions in Switzerland and beyond, “in particular tax- haven jurisdictions such as Hong Kong,” prosecutor Michael Ben’Ary said Oct. 30 at Chernick’s sentencing in Florida. Global Tax StandardsThe OECD has a so-called gray list of countries that haven’t complied with global tax standards. Hong Kong and Singapore announced in February that they would put forward legislation to meet them, according to Pascal Saint-Amans, who heads the tax competition division at the OECD. Macau made a similar announcement in March. Malibu BusinessmanJohn McCarthy, a businessman in Malibu, California, admitted Oct. 20 that he failed to declare $1 million in a UBS Swiss account tied to a Hong Kong entity. ‘Scouring the 7,500 Disclosures’“We’re going to be scouring the 7,500 disclosures to identify financial institutions, advisers and others” who helped taxpayers cheat on taxes, IRS Commissioner Douglas Shulman said Oct. 14. ‘Relative Ease’“The availability of corporate services and the relative ease with which shell companies can be purchased contribute to the risk of Hong Kong being used for structuring of the proceeds of financial crime, corruption, tax evasion and smuggling,” according to a June 2008 report by the task force, which works to combat money laundering. ‘Legitimate Tax Benefits’“I suspect it’s probably more for the legitimate tax benefits of operating through Hong Kong that Hong Kong companies are used rather than its efficiency in evading U.S. tax,” said Ellis of Mayer Brown JSM. “I would have thought for evading U.S. tax you would want a different jurisdiction. But Hong Kong is maybe the legitimate end of it.” |
2009年11月12日星期四
Hong Kong Is New Target of U.S. Crackdown on Global Tax Evasion
"Hong Kong Is New Target of U.S. Crackdown on Global Tax Evasion | AboutHK.Com - More Information About HK"
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