New US Treasury Secretary asked for tax haven problem decision

The new nominee of Trump administration for Treasury Secretary, Steve Mnuchin, was asked by Senate about his intention to close down Caribbean tax havens. Members of the US Senate requested details of how it is expected to close the tax loopholes that allow American companies and individuals to use foreign subsidiaries in zero-tax jurisdictions to avoid taxation.

Specific focus of the request was on the Cayman Islands, because it became recently known how financial service professionals working in the CI use combinations of jurisdictions, among them BVI, Belize, Anguilla and others, to create a completely tax-free offshore vehicle with no identifiable beneficial owner.

Members of the Senate and the House of Representatives after the Panama Papers scandal confirmed the immediate need for effective tax reform to eliminate the situation with US non-taxpayers, and there is political pressure on future Treasury Secretary for a solution of this problem.

This entry was posted in BVI Companies, Money Laundering, Offshore investment schemes, Offshore tax havens, Tax avoidance, Tax Shelters. Bookmark the permalink.

Leave a Reply