TV News LIES

Tuesday, May 24th

Last update05:20:13 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...


U.S. To Completely Lift Vietnam Arms Embargo

US to lift arms embargo on VietnamHuman Rights Watch reacted with dismay to Washington’s decision to toss away a critical lever it...

18 girls die in Thailand school dormitory fire

Tahiland girls dorm fire kills 18A fire in an elementary school dormitory killed 18 girls in northern Thailand, officials said Monday.They...

Four climbers dead on Everest in four days

Everest cliimberSince last Thursday four people have died on the 29,035-foot peak, including a Sherpa. Rescue efforts...

ISIL bombs 'kill more than 120' in Assad-held cities

Syrian cities hit by ISILMore than 120 people have been killed in multiple attacks claimed by the Islamic State of...
 
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!