US starts new offshore amnesty for tax cheats

Wealthy tax evaders with assets stashed offshore can come clean with US authorities under a new amnesty program letting them pay taxes with reduced penalties, the government said on Tuesday.

February 09, 2011 / 08:53 IST

Wealthy tax evaders with assets stashed offshore can come clean with US authorities under a new amnesty program letting them pay taxes with reduced penalties, the government said on Tuesday.

The US has been stepping up efforts to combat offshore tax evasion since UBS AG settled fraud cases with the government, while admitting it actively helped US citizens avoid taxes.

Internal Revenue Service Commissioner Doug Shulman also said that a "number of other banks" are under probe, including some cases that are in "quite advanced" stages.

first published: Feb 9, 2011 08:21 am

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