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Stop Tax Haven Abuse Act before Congress
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Alvaro Aguilar
Sep 20 2009, 07:44 PMUS Senator Levin introduced S.506 - the 2nd version of the Stop Tax Haven Abuse Act (previously the 2007 Obama-Levin bill S.681). The bill targets several countries as offshore secrecy jurisdictions:
(b) Definition of Offshore Secrecy Jurisdiction- Section 7701(a) is amended by adding at the end the following new paragraph:
`(50) OFFSHORE SECRECY JURISDICTION-
`(A) IN GENERAL- The term `offshore secrecy jurisdiction' means any foreign jurisdiction which is listed by the Secretary as an offshore secrecy jurisdiction for purposes of this title....
`(E) INITIAL LIST OF OFFSHORE SECRECY JURISDICTIONS- For purposes of this paragraph, each of the following foreign jurisdictions, which have been previously and publicly identified by the Internal Revenue Service as secrecy jurisdictions in Federal court proceedings, shall be deemed listed by the Secretary as an offshore secrecy jurisdiction unless delisted by the Secretary under subparagraph (F)(ii):
`(viii) British Virgin Islands.
`(xi) Costa Rica.
`(xii) Cyprus.
`(xvii) Hong Kong.
`(xviii) Isle of Man.
`(xix) Jersey.
`(xx) Latvia.
`(xxi) Liechtenstein.
`(xxii) Luxembourg.
The text of the bill is available in http://levin.senate.gov/newsroom/supporting/2009/PSI.StopTax...
http://mypanamalawyer.blogspot.com/search/label/internationa...
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