US Senate to investigate tax havens

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The US Senate Permanent Subcommittee on Investigations issued the following press release this morning:

Permanent Subcommittee on Investigations to Hold Hearing June 17:

Tax Haven Banks and U.S. Tax Compliance

The Permanent Subcommittee on Investigations has scheduled a hearing, Tax Haven Banks and U. S. Tax Compliance, on Thursday, July 17, 2008, at 9:30 a.m., in Room 106 of the Dirksen Senate Office Building.

The Permanent Subcommittee on Investigations hearing will examine how financial institutions located in offshore tax havens, including Liechtenstein and Switzerland, may be engaged in banking practices that could facilitate, and in some instances have resulted in, tax evasion and other misconduct by U.S. clients. The hearing will also examine how U.S. domestic and international tax enforcement efforts could be strengthened. The Subcommittee expects to issue a Subcommittee staff report in conjunction with the hearing summarizing its investigative findings.

A witness list will be available Monday, July 14, 2008.

It is an aggressive, but appropriate stance. And wish our own Treasury select committee was approaching its work in a similar manner.