Editor's Note
The days of foreign tax havens may be coming to a close. In an
attempt to stave off the effects of a sour economy, many
governments are rethinking their taxation systems. In the U.S.
we are seeing a variety of creative tax increases, not the least
of which is an attempt to tax money deposited by U.S. citizens
in offshore accounts. Our country is not the only country
looking for additional revenue. Interestingly, some countries
are turning to tax decreases as a way to stimulate their
economies. Huh? That's correct. Some have figured out the fact
that lower taxes encourage growth and new business development
and thus result in more taxes being paid in the long run. The
articles in this special news bulletin on international taxes
give you a taste of what's happening in our country and abroad.
Best regards,
Gail Perry, CPA
Managing Editor
editor@accountingweb.com
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2008 Foreign Bank Account form due June 30
The IRS reports that U.S. persons who have bank and other
financial accounts in a foreign country may be required to
report those accounts to the U.S. Department of Treasury by the
June 30 deadline.
more >>
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IRS will not impose penalties on delinquent Foreign Bank Account Reports
The IRS is in the process of cracking down on offshore
activities and, as part of this process, is encouraging
voluntary disclosures from taxpayers who have offshore accounts.
By offering avoidance of penalties and elimination of the risk
of criminal prosecution, the IRS hopes to entice taxpayers to
come clean regarding offshore activity.
more >>
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Global indirect tax policies affect many businesses
A recent KPMG Global Indirect Tax Brief provides the latest
information on how governments worldwide are striving to raise
additional revenues by broadening their indirect tax base. This
does not necessarily mean across-the-board tax increases. In
many cases, countries are educing taxes to encourage businesses
to move to certain countries or to expand their presence or
their output.
more >>
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