Tax+amnesty

=Tax Amnesty = For a particular group of taxpayers there are an opportunity to search for tax amnesty. It differs from different governments but either for a limited period or permanent that allows the taxpayers to inform the tax agencies about their taxes the organizations haven’t paid in past years. This way they are able to get the opportunity to pay the taxes without any penalties. So basically they can pay their taxes “for free”.

         definition of tax amnesty: “Under a tax amnesty, civil and criminal penalties are waived for taxpayers or for those who should have been taxpayers who voluntarily admit that they have not paid the correct amount of tax for some prior period and who pay the full amount of their unpaid tax. A tax amnesty is a one-time program that lasts for a relatively short, fixed period of time and is not expected to be repeated. Under most proposals, amnesty participants would be required to pay interest on the unpaid tax liabilities. To forgive interest would effectively allow amnesty participants to pay a lower tax (when adjusted for the time value of money) than taxpayers who paid their taxes when due.”

Amnesty programs
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font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;">The tax amnesty program gives the opportunity to a tax relief, it´s very typical that the window for this opportunity is short. The goal with the programs is to collect as much tax revenue as possible in this very short time of period, usually the window is around two-three months. During the period the tax payers who haven’t paid in recent years, are able to pay the taxes to the state where they operate without any fines.

<span style="font-family: 'Times New Roman',serif; line-height: 150%;">Findings
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font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"><span style="font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;">The connection between tax amnesty and OFC´s are simple, the organizations that operates in OFC´s are avoiding taxes. The Internal Revenue Service (IRS), the tax agency wants with their programs to give another chance for organizations to come clean. They have launched a new amnesty program in January 2012 trying to collect unpaid taxes by giving a lower penalty for them who comes forward for not paying taxes in the past three recent years. The eyes are on organizations that have overseas accounts and this time the amnesty program doesn’t have any deadline. <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; 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font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> The United States IRS state that ” As we’ve said all along, people need to come in and get right with us before we find you,” and “We are following more leads and the risk for people who do not come in continues to increase.” said the IRS Commissioner Doug Shulman. <span style="color: windowtext; 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font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> <span style="color: windowtext; font-family: 'Times New Roman',serif; font-size: 12pt; line-height: 150%;"> The two previous tax amnesty programs netted the IRS agency about 4,4 billion US Dollars in tax revenues in 2009 and the program of 2011 they haven’t given the numbers out yet. The tax amnesty program puts pressure on the tax avoiders offshore, IRS wants to give the expression that they will be found and it leads to penalties. The IRS goes further that they suspecting Swiss and Swiss-style banks of selling tax evasion service for Americans, they will collaborate with other governments to get information about offshore tax avoiders and also they will continue to look deep into the operating of banks, advisers and individuals that are suspected. [4] Examples of amnesties raised in different countries The HM Revenue and Customs managed to raise an amount of 440 million pounds from their last tax amnesty firm offshore banks with customers in British overseas.[5] In 2010 the tax amnesty program of Greece decided to give the tax avoiders only to need to pay 55 percent off the whole debt, just this raised them 1,5 billion billion US Dollar under about one year of the programs start. [8] In 2012 Spain Government raised with their tax amnesty program 1,2 billion euros, this was less than half of their goal to raise with the program. [9] In the video it is clearly told what are the consequences if getting caught. avoiding taxes The Bank of Italy estimates that Italians are holding 500 billion euro undeclared outside the country. The Governments tax amnesty program in 2009 raised about 80 billion euros with the program to the state. [10] What becomes very clear is that the problem with tax avoidance happens in many countries, the tax amnesty programs are very important to tackle this problem. It´s a huge amount of money that is bargained away from the Governments. The tax amnesty is one solution to bring some of the money back home where it should be and to scare tax evasion to be caught. Jurisdictions that offers some form of tax amnesty often their regulations about who are possible to get this form of tax forgiveness. Even if the processes of tax amnesty vary between jurisdictions there is a few basics that they share. One of the basics is that who can apply for the tax amnesty, any tax payer that owns less than the amount they should pay are able to work out a payment schedule with the tax agency but that approach often leads to other fees and penalties until the debt is full paid. The establishment of the settlement date is also one of the basics, the offer of amnesty is withdrawn and the tax payers have to pay full taxes if they not succeed to pay it off by the date. The whole idea behind that having tax amnesty is that if the debt have come to a very high level with a lot of late fees and penalties, the tax payers are able to pay it having in their mind that they should not next time be in a same situation. The tax amnesty program gives the opportunity to a tax relief, it´s very typical that the window for this opportunity is short. The goal with the programs is to collect as much tax revenue as possible in this very short time of period, usually the window is around two-three months. During the period the tax payers who haven’t paid in recent years, are able to pay the taxes to the state where they operate without any fines. The connection between tax amnesty and OFC´s are simple, the organizations that operates in OFC´s are avoiding taxes. The Internal Revenue Service (IRS), the tax agency wants with their programs to give another chance for organizations to come clean. They have launched a new amnesty program in January 2012 trying to collect unpaid taxes by giving a lower penalty for them who comes forward for not paying taxes in the past three recent years. The eyes are on organizations that have overseas accounts and this time the amnesty program doesn’t have any deadline. The United States IRS state that ” said the IRS Commissioner Doug Shulman. The IRS goes further that they suspecting Swiss and Swiss-style banks of selling tax evasion service for Americans, they will collaborate with other governments to get information about offshore tax avoiders and also they will continue to look deep into the operating of banks, advisers and individuals that are suspected. The HM Revenue and Customs managed to raise an amount of 440 million pounds from their last tax amnesty firm offshore banks with British customers. In 2010 the tax amnesty program of Greece decided to give the tax avoiders only to need to pay 55 percent off the whole debt, just this raised them 1,5 billion billion US Dollar under about one year of the programs start. In 2012 Spain Government raised with their tax amnesty program 1,2 billion euros, this was less than half of their goal to raise with the program. The Bank of Italy estimates that Italians are holding 500 billion euro undeclared outside the country. The Governments tax amnesty program in 2009 raised about 80 billion euros with the program to the state. What becomes very clear is that the problem with tax avoidance happens in many countries, the tax amnesty programs are very important to tackle this problem. It´s a huge amount of money that is bargained away from the Governments. The tax amnesty is one solution to bring some of the money back home where it should be and to scare tax evasion to be caught. ^ Lerman.A.H, 1986. "Tax Amnesty: The Federal Perspective". National Tax Journal, Vol 39, No3. 325-332 ^ Lerman.A.H, 1986. "Tax Amnesty: The Federal Perspective". National Tax Journal, Vol 39, No3. 325-332 ^ Combees. A, 2012. "Got money offshore? IRS starts anew amnesty program". Marketwatch. http://www.marketwatch.com/story/got-money-offshore-irs-starts-new-amnesty-program-2012-01-09 [accessed 13.12.2013] ^ Combees. A, 2012. "Got money offshore? IRS starts anew amnesty program". Marketwatch. http://www.marketwatch.com/story/got-money-offshore-irs-starts-new-amnesty-program-2012-01-09 [accessed 13.12.2013] ^ Shelter Offshore Publishing, "Is HMRC getting Desperate in Tax Haven Clampdown?" http://www.shelteroffshore.com/index.php/offshore/more/hmrc-getting-desperate-tax-haven-clampdown-10536