S 725
Stop Tax Haven Abuse Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Stop Tax Haven Abuse Act aims to combat tax evasion and money laundering by restricting foreign jurisdictions and financial institutions. It expands reporting requirements for foreign investments, establishes rebuttable presumptions against the validity of transactions by non-compliant institutions, and treats certain foreign corporations as domestic for tax purposes. The bill also modifies the base erosion anti-abuse tax, addresses swap payments, requires country-by-country reporting of financial information, and strengthens the Foreign Account Tax Compliance Act (FATCA). Finally, it makes adjustments to John Doe summons procedures and anti-money laundering rules for investment advisors.
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