An offshore (or foreign) bank account is a bank account you have outside of your country of residence. The benefits of an offshore bank account include tax reduction, privacy, currency diversification, asset protection from lawsuits, and reducing your political risk. In April 2016, Wikileaks released 11.5 million confidential documents, known as the Panama Papers, which provided detailed information on 214,000 offshore companies serviced by the Panamanian Law Firm, Mossack Fonesca. The document exposed how world leaders and wealthy individuals hide money in secret offshore tax shelters. The release of the documents renewed proposals for laws banning the use of offshore accounts and tax havens. Proponents of the of the ban argue they should be outlawed because they have a long history of being vehicles for tax evasion, money laundering, illicit arms dealing and funding terrorism. Opponents of the ban argue that punitive regulations will make it harder for American companies to compete and will further discourage businesses from locating and investing in the United States.
Yes, but eliminate all loopholes associated with offshore accounts and mandate the reporting of offshore income to prevent abuse and tax evasion. Also, hold political officials more accountable for their own immoral actions.
Yes, but eliminate all tax loopholes associated with offshore accounts and mandate the reporting of offshore income to prevent abuse and tax evasion. Also, hold political officials more accountable for their own immoral actions.
Only allow those within a certain range of money utilize the offshore bank accounts. Those who have abused it don't deserve them, but that shouldn't take them away from everyone unless there is too much corruption in it.
Yes, but it has to be properly reported and enforced. Penalties for improper use or declaration should be extremely heavy. Something like forfeiture of 50% of the value of the off shore account, 25% to be donated to the provincial healthcare system of their choice and the remaining 25% can be released.
Yes for citizen as long as offshore income is reported and considered, so that they can't qualify for benefits if they don't actually need them and corporations and business organizations should NOT be able to save or invest their money in offshore bank accounts.
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