3 ms·
The IRS won't share a thing, because the CRS doesn't apply to the USA -- they aren't participants in the AEOI. The USA have FATCA, so the IRS receives this inf
by ckastner 9y ago
The IRS won't share a thing, because the CRS doesn't apply to the USA -- they aren't participants in the AEOI.
The USA have FATCA, so the IRS receives this information from all other countries.
Most other countries will be sharing information with each other through CRS (which was modeled after FATCA), but they won't receive anything from the USA.
Why would the USA share? The have nothing to gain as they already receive all the info they need (through FATCA), and only to lose through sharing.
I've said it before, I'll say it again: the USA are the last big tax haven.
- JumpCrisscross 9y ago> I've said it before, I'll say it again: the USA are the last big tax haven It's a long-reported problem [1][2]. You can set up a trust or LLC in many states e.g. Delaware without providing any identification. That is not possible in most countries, in large part due to American lobbying. [1] https://www.economist.com/news/finance-and-economics/21677647-index-financial-secrecy-highlights-american-hypocrisy-mega-haven https://www.economist.com/news/finance-and-economics/2167764... [2] https://www.economist.com/news/international/21693219-having-launched-and-led-battle-against-offshore-tax-evasion-america-now-part https://www.economist.com/news/international/21693219-having...
- ckastner 9y agoIncredible! Contrast that to Europe, where the Fourth Anti-Money Laundering Directive will soon force all states to hold information on beneficial owners of legal entities in a central register, where it may be queried from by any lawyer, bank or other party with a legitimate interest...