US to settle new tax rules to curb evasion
Print Edition
THE US Treasury Department is finalizing new tax rules aimed at combating the use of shell companies to evade taxes, Treasury Secretary Jack Lew said on Saturday amid increased pledges by global finance leaders to cooperate on tax issues.
In a statement to the International Monetary Fund’s steering committee, Lew said the Treasury was finalizing a rule that would require banks to identify the beneficial owners of new customers that are companies.
“In addition, we are about to propose a regulation that would require the beneficial owners of single-member limited liability companies to identify themselves to the Internal Revenue Service, thus closing a loophole that some have been able to exploit,” Lew said.
In the wake of recent controversies involving widespread use of tax havens and shell companies by wealthy global elites, officials from the Group of 20 major economies on Friday threatened to penalize tax haven countries that do not comply with new information-sharing efforts and moves to reduce tax mismatches between countries.
They called for criteria by July to identify non-cooperative jurisdictions.
“Defensive measures will be considered by G20 members against non-cooperative jurisdictions” if progress toward tax goals is not made, the group said in its statement.
Lew said the US fully supports calls for all countries to automatically exchange financial account information.
The new US shell company rules will follow steps taken by the Treasury earlier this month to curb corporate “inversion” deals in which US firms buy foreign rivals to move their tax jurisdictions offshore.
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