Some facts about offshore tax dodgers | News Briefs | Indy Week
Pin It

Some facts about offshore tax dodgers 

The Internal Revenue Services' Offshore Voluntary Disclosure Program (OVDP) offers incentives for taxpayers to disclose their secret foreign bank accounts. This allows them to pay overdue taxes, interest and reduced penalties to avoid criminal prosecution that would otherwise be pursued by the IRS in an audit.

Here are some figures about the OVDP from a March 2013 Government Accountability Office report, which analyzed the program.

39,000 Number of disclosures of previously unreported offshore bank accounts, 2009–2011

$5.5 billion Total amount in those secret accounts

$923,300 Highest penalty, tax and interest amount assessed

$2,318 Lowest assessed

378 Cases in which taxpayers were penalized more than $1 million, 2009

$5 million Account balance that would incur a $1 million penalty

Top countries for secret accounts

  • Switzerland
  • United Kingdom
  • Canada
  • Israel
  • France
  • Germany
  • China
  • India
  • Taiwan

Top banks housing offshore accounts with penalties greater than $1 million

  • UBS
  • Julius Baer
  • Credit Suisse
  • Zürcher Kantonalbank
  • HSBC

Comments

Subscribe to this thread:

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in News Briefs



Twitter Activity

Comments

Sadly, I just found this conversation, but thought I would add to the debate on the benefit of moderate and …

by Bruce Wood on Some facts about tanning (News Briefs)

An AR-15 is NOT an assault rifle. If you're going to make a coherent argument against gun rights, please at …

by Eladio Bobadilla on How to Buy an Assault Rifle in North Carolina (News Briefs)

Most Recent Comments

Sadly, I just found this conversation, but thought I would add to the debate on the benefit of moderate and …

by Bruce Wood on Some facts about tanning (News Briefs)

An AR-15 is NOT an assault rifle. If you're going to make a coherent argument against gun rights, please at …

by Eladio Bobadilla on How to Buy an Assault Rifle in North Carolina (News Briefs)

The basic necessity of an individuals life is proper food, cloth and shelter. But still a major portion of our …

by carsonmojica on The cost of treating charity-care & bad-debt patients (News Briefs)

Lol I'm reading of jek to no delusional rantings and an ar would not ever take of someones arm lol …

by Emily Davis on How to Buy an Assault Rifle in North Carolina (News Briefs)

By the way they will never repeal the 2nd ammendment so if that's what you want France is your best …

by Emily Davis on How to Buy an Assault Rifle in North Carolina (News Briefs)

© 2017 Indy Week • 320 E. Chapel Hill St., Suite 200, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation