The US Internal Revenue Service’s (IRS) three
offshore voluntary disclosure programmes (OVDP) have netted more
than $5bn of fund in back taxes, interest and penalties since
2009.
IRS Commissioner Doug Shulman said that the
first two offshore programmes in 2009 and 2011 have led to 33,000
voluntary disclosures.
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Since the third disclosure period was opened
in January 2012, a further 1,500 disclosures have been made
allowing US citizens with offshore accounts to disclose them
without facing prosecution.
The penalty for the current OVDP has been
increased to 27.5% from the 25% in the 2011 programme.
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By GlobalData
