Demand for International tax expertise is expected to keep rising after introduction of identical bills in the U.S. House and Senate aimed at combating offshore tax abuses as reported by the Denver Business Journal.
The Foreign Account Tax Compliance Act of 2009 were introduced 10/27/2009 and if passed would require disclosure of information by overseas financial institutions, foreign trusts, and foreign corporations about their U.S. account-holders, grantors, and owners.
The new rules would capture an estimated $8 billion in tax revenue, according to the new bills’ sponsors, including House Ways & Means Chair Charles Rangel, D-N.Y., and Senate Finance Committee Chair Max Baucus, D-Mont.
John Barber, with Grant Thornton LLP, said passage of these bills would be an indication that governments around the world are increasingly focused on international tax issues.
Barber further stated, “Most of the legislation or proposed legislation, like these two bills, are chalk full of international stuff, which means firms that provide international service will continue to hire new resources into their international tax practice in order to keep up with the changing rules and how they apply to their clients”.
With the U.S. governments increased focus on tax loopholes and overseas tax havens, it’s become ever so apparent that accounting firms have in-house expertise and/or strategic partnerships with international expertise.
