Off-shores will be taxed

FROM THE REDACTION

Capital’s percolation to off-shore zones is a big problem not only for Russia, but for the American economy as well.

According to the data of the US Senate Committee on Homeland Security and Governmental Affairs, rich Americans annually keep 40-70 billion USD in the off-shore zones. American legislators are going to make the owners of off-shore accounts pay taxes. However, lawyers warn that the financial bodies practically failed to find the firms that are registered in the zones with privileged taxation.
In the report of the Senate’s profile committee, off-shore zones are mentioned as “black holes” which give well-off Americans an opportunity of concealing their money with the purpose of tax evasion. Senators maintain that “the army of professionals” – financiers and lawyers help them to do it. Americans show good abilities in inventing the schemes, according to which money is transferred to off-shores. According to the Senate members, for this purpose a lot of funds and firms are privately established in off-sore zones, and it is indicated in their financial accounts that a person, who transferred a large sum of money to them, has almost lost control over them. In fact, the owners of multimillion accounts use them by means of credit debit cards. The sum, which is paid by rich Americans for this kind of legal services, is a bit less than the one that they would have had to pay to the state in the form of taxes.
Financial consultants of the Senate Committee have been studying the problems related to American millionaires’ illegal tax evasion for more than half a year. The experts came to the conclusion that the most popular off-shores are situated in Belize, Panama, British and Cayman isles. The firms specializing in tax evasion operations give a guarantee of safe keeping and anonymity.
Usually, representatives of law companies themselves find well-off Americans, offer them to transfer their money to off-shore zones and explain them in details the advantages of the income tax evasion. Then they offer a country which is more advantageous for the client.
In the off-shore zone local providers help clients in registration of the firm. They prepare documents, make payments that are necessary for the firm’s registration and manage the business on behalf of the client. The companies that are established in off-shores become the new owners of the money and assets transferred by the client.
“We should put an end to all this and take concrete steps for this purpose”, said the Senator from the Democratic Party Carl Levine. He suggests introducing amendments to the legislation, which will make the US citizens pay taxes on the money that they transfer to the firms and funds of the country, which is considered as an off-shore zone by the Department of Finance.