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U.S. gives foreign banks more time on anti-tax dodge law

By Patrick Temple-West WASHINGTON (Reuters) - The U.S. Treasury Department on Wednesday gave foreign financial institutions 10 extra days to register with the U.S. government, under a new law to combat offshore tax dodging by Americans that goes into effect on July 1. Under the Foreign Account Tax Compliance Act (FATCA), foreign banks, insurers and investment funds must send the Internal Revenue Service information about Americans' and U.S. permanent residents' offshore accounts worth more than $50,000.

Bahamian leader defends Caribbean financial sector

Castries, St. Lucia, Mar 31 (EFE).- Banking regulations in Caribbean nations are more robust than those in countries that are critical of the region's financial sector, Bahamian Prime Minister Perry Christie said Monday in Nassau. In an address to open the third Caribbean Conference on the International Financial Services Sector, Christie blasted those who seem to believe that there is "something intrinsically sinister about the accumulation of wealth in offshore jurisdictions."

'Inevitable glitches' ahead for U.S. anti-tax evasion law: IRS

WASHINGTON (Reuters) - A new U.S. anti-tax evasion law, set to take effect on July 1, will encounter "inevitable glitches," said the head of the U.S. Internal Revenue Service on Monday, adding that the IRS will be sympathetic to banks doing their best to comply. The Foreign Account Tax Compliance Act (FATCA) will require foreign banks, insurers and investment funds to send the IRS information about Americans' offshore accounts worth more than $50,000. Banks failing to comply could effectively be frozen out of U.S. capital markets.

S. Korea to get access to U.S. financial data on its nationals

SEJONG, March 13 (Yonhap) -- South Korea is expected to gain access to financial information on its nationals from the U.S. as the two countries are close to an agreement on sharing related data, finance ministry officials said Thursday, a move expected to help Seoul's crackdown on offshore tax evasion. South Korea is currently in talks with the U.S. to accept the Foreign Account Tax Compliance Act (FATCA), under which the U.S. can ask other countries to share information on financial accounts of its individuals and entities holding more than US$50,000 and $250,000, respectively.

OECD delivers new global standard to target tax cheats

The OECD on Sunday delivered a new global standard to crack down on tax evasion with more than 40 countries already committing to the measures. Organisation for Economic Cooperation and Development (OECD) chief Angel Gurria called it "a real game-changer" that would boost international cooperation to reel in cheats. "Globalisation of the world's financial system has made it increasingly simple for people to make, hold and manage investments outside their country of residence," he said.

U.S. backs G20 crackdown on global tax loopholes

By Jane Wardell SYDNEY (Reuters) - The United States threw its weight behind a push to make global taxation reform a key goal for the Group of 20 advanced and emerging economies, supporting moves to close loopholes used by major multinationals to avoid tax. U.S. Treasury Secretary Jack Lew backed the need for tax harmonization, saying on Friday that all nations should adopt the automatic exchange of information as a global standard.

NTS imposes 1 tln won in taxes through probe into offshore tax evasion

SEOUL, Feb. 17 (Yonhap) -- South Korea's tax agency said Monday that it imposed more than 1 trillion won (US$944.3 million) in taxes last year through an investigation into offshore tax evasion. A total of 1.08 trillion won was imposed as a result of its offshore tax evasion probe last year, which is a 30.6 percent rise from 2012, according to the National Tax Service (NTS). This also marked the first time that the amount surpassed the 1 trillion mark.

OECD proposes data exchange norm in tax evasion crackdown

The OECD unveiled on Thursday a global standard for the automatic exchange of financial data between countries amid an intensifying international effort to crack down on tax evasion. As public outrage mounted during the global economic crisis over wealthy individuals escaping paying taxes by hiding money abroad, world leaders agreed to a radical shift in practice in which countries will begin to automatically share information on bank accounts.

OECD proposes data exchange norm in tax evasion crackdown

The OECD unveiled on Thursday a global standard for the automatic exchange of financial data between countries amid an intensifying international effort to crack down on tax evasion. As public outrage mounted during the global economic crisis over wealthy individuals escaping paying taxes by hiding money abroad, world leaders agreed to a radical shift in practice in which countries will begin to automatically share information on bank accounts.

German rich and famous in taxman's crosshairs

Many of Germany's rich, powerful and famous have hit trouble recently, not because of drugs or sexual escapades, but because the taxman has found out about their Swiss bank accounts. A football legend, a feminist icon and several politicians have issued rueful apologies recently for stashing away their wealth abroad, out of sight of the authorities. Amid the spate of cases, the public perception of tax-dodging is shifting from that of a naughty but common misdemeanour to a crime and a moral assault on fair burden sharing in society.
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