One of the promises that President Joe Biden made while on the campaign trail as the Democratic presidential nominee was to eliminate offshore tax loopholes.
These include tightening the United States Foreign Account Tax Compliance Act (FATCA) and Internal Revenue Code (IRC) to ensure that corporate profits are not shielded by offshoring arrangements.
Now almost two years into his term in office, Biden’s promise to apply greater scrutiny on the IRC and FATCA appears to be gaining momentum.
Dear members, please login to continue reading this article.
Don’t miss out on information beyond mainstream media reports that may impact your investments.
Login or sign-up for a free 25-day trial here. Why subscribe?