TV News LIES

Tuesday, Apr 28th

Last update03:52:08 AM GMT

You are here News International 77,000 foreign banks to share tax info with US

77,000 foreign banks to share tax info with US

E-mail Print PDF

offshore bankingMore than 77,000 foreign banks have agreed to share information about U.S. account holders as part of a crackdown on offshore tax evasion, the Treasury Department said Monday.

The list includes 515 Russian financial institutions. Russian banks had to apply directly to the tax-collecting Internal Revenue Service because the U.S. broke off negotiations with Russia over an information-sharing agreement after Russia’s actions in Ukraine.

Nearly 70 countries have agreed to share information from their banks as part of a U.S. law that targets Americans hiding assets overseas. Participating countries include all the world’s financial giants, as well as many places where Americans have traditionally hid assets, including Switzerland, the Cayman Islands and the Bahamas.

Under the law, foreign banks that do not agree to share information with the IRS face steep penalties when doing business in the U.S. The law requires American banks to withhold 30 percent of certain payments to foreign banks that don't participate in the program - a significant price for access to the world's largest economy.

More...


Most Recent Related Stories...


Nepal scrambles to organize quake relief, many flee capital

Nepal quakeNepalese officials scrambled on Monday to get aid from the main airport to people left homeless...

More than 2,200 confirmed dead in Nepal earthquake

Nepal deathsSleeping in the streets and shell-shocked, Nepalese cremated the dead and dug through rubble for the...

Israeli military indicts 3 soldiers for looting in Gaza war

Gaza invasionThe Israeli military announced Sunday it indicted three soldiers for allegedly taking money from a building...

Nepal quake: Hundreds dead, history crumbles, Everest shaken

7.8 earthquake nepalA powerful earthquake struck Nepal Saturday, killing at least 906 people across a swath of four...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!