U.S. Congress Holds Hearing on U.S. Position on Offshore Tax Havens

On July 18, 2001, the U.S. Senate Permanent Subcommittee on Investigations held a hearing on the U.S. Position on Offshore Tax Havens, designed to press the Bush Administration to take vigorous action in support of international tax enforcement. Senator Carl Levin, D.-Mich. and Subcommittee Chair, in an opening statement framed the issues as “how this Administration views offshore tax havens, and whether it plans to continue the efforts of the U.S. and other countries to convince offshore tax havens to cooperate with efforts to detect and stop tax evasion and criminal activity associated with it.” Sen. Levin expressed concern that the number of offshore tax havens is increasing, the number of offshore companies has exploded, and assets in offshore entities has climbed significantly…[more]