Its reported that the US Senate has threatened "savage reprisals" against people who use low-tax jurisdictions for tax-planning purposes.
The Permanent Subcommittee on Investigations of the Committee on Homeland Security and Governmental Affairs billed its hearing 'Tax Haven Abuses: The Enablers, the Tools, and Secrecy'.
“Using offshore jurisdictions to shelter income is unfair and I intend to fix this problem,” said Subcommittee Chairman Norm Coleman, a Republican from Minnesota.
Meanwhile the Manx Treasury Minister, Allan Bell says he’s disappointed with a Senate Committee report in the US which calls the Island "a tax haven which costs the American taxman billions of dollars a year".
Mr Bell says this sort of report highlights the need to defend the Manx reputation as being a well-regulated finance centre.
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