March 2011
Beginner
192 pages
4h 30m
English
TAX REPORTING
Closely related to exchange control violations is tax evasion. Not all countries have worldwide income taxation like the United States. Some countries only tax income earned within their own borders, which is why no-tax or low-tax jurisdictions such as the Cayman Islands, the Channel Islands, or Mauritius attract investors. However, many countries, including the United States, maintain that it is a criminal offense to not declare income earned abroad. A number of Latin American countries have “blacklisted” certain offshore tax havens, making it a presumptive criminal offense if their citizens are found to have undeclared accounts in those jurisdictions.2
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