On 6 January, the US Congressional Research Service produced updated information, saying that addressing tax evasion and avoidance through use of tax havens has been the subject of a number of proposals in Congress and by the President. Actions by the OECD and the G-20 nations also have addressed this issue. It starts by saying that there is no precise definition of a tax haven. The OECD initially defined the following features of tax havens: no or low taxes, lack of effective exchange of information, lack of transparency, and no requirement of substantial activity. Other lists have been developed in legislative proposals and by researchers. In addition, a number of other jurisdictions have been identified as having tax haven characteristics. The paper considers options, including strengthening FATCA.
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