By Alvaro Thomas
June 27, 2014
The opening phrase of a soliloquy in Hamlet’s Nunnery Scene is what all countries should be asking themselves right now. Should we or should we not be the collecting agencies for the Internal Revenue Service (IRS)? Of course we shouldn´t.
There is an ever growing sentiment that the US Foreign Account Tax Compliance Act signed in 2010, to erase the use of offshore banks to hide taxable assets, has been ill conceived and will not serve its original purpose. An article published in The Economist dated June 28th, 2014 “Tax Evasion: Dropping The Bomb” clearly outlines that implementing such an overreaching legislation (or as one senior banker denounces it in the mentioned article: “breathtakingly extraterritorial”) has brought the United States several problems and it also mentions a number of valid concerns, of knowledgeable professionals, that this may be, after all, only a pyrrhic victory for the United States.
For the full article see: https://www.economist.com/node/21605911?fsrc=nlw|hig|26-06-2014|53a8c37da256abc22d000312|LA
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