cryptohunter
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The regulations and laws governing offshore tax planning are constantly evolving and can vary by jurisdiction.
International tax laws, such as the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) initiative, aim to prevent tax avoidance and promote tax transparency by reducing the opportunities for companies to shift profits to low-tax jurisdictions.
In recent years, many countries have also introduced new legislation or strengthened existing legislation to clamp down on offshore tax evasion and increase tax transparency. For example, the Foreign Account Tax Compliance Act (FATCA) in the United States requires financial institutions to report information about foreign accounts held by US citizens to the Internal Revenue Service (IRS).
In the European Union, the Automatic Exchange of Information (AEOI) initiative was introduced to promote tax transparency and prevent tax evasion by allowing member states to exchange information about their citizens' financial accounts held in other countries.
International tax laws, such as the Organisation for Economic Co-operation and Development (OECD) Base Erosion and Profit Shifting (BEPS) initiative, aim to prevent tax avoidance and promote tax transparency by reducing the opportunities for companies to shift profits to low-tax jurisdictions.
In recent years, many countries have also introduced new legislation or strengthened existing legislation to clamp down on offshore tax evasion and increase tax transparency. For example, the Foreign Account Tax Compliance Act (FATCA) in the United States requires financial institutions to report information about foreign accounts held by US citizens to the Internal Revenue Service (IRS).
In the European Union, the Automatic Exchange of Information (AEOI) initiative was introduced to promote tax transparency and prevent tax evasion by allowing member states to exchange information about their citizens' financial accounts held in other countries.