Common Reporting Standard, Exchange of Information, FATCA, Financial institutions, Tax Avoidance, Tax Policy, Trusts and Estates, United States

(DCIT, Foreign Tax and Tax Research Division, Government of India)/ /2 Comments

In the 1980s, a new dimension to profit shifting was introduced in the United States through the establishment of Onshore Offshore Banks. New legislation (called the International Banking Facility (IBF)) allowed banks in the US to maintain two separate sets of accounts. One set capturing all transactions with residents of USA which would be subject…

Beneficial ownership, Financial institutions, Foundations, India, Tax Avoidance, Tax Policy, Trusts and Estates, United States

(DCIT, Foreign Tax and Tax Research Division, Government of India)/ /Leave a comment

It is widely accepted that the United States of America is one of the most litigious countries on earth. As of 2010, US residents spent about 2.2% of their GDP (approximately 310 Billion Dollars) annually on litigation costs[1]. There are more lawyers per capita in the United States that any other country in the world….