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posing a huge administrative burden for the already stretched tax administration. Collection should be swift. The possibility for installments posed high risks for collection, and some taxpayers were excluded from the program for not following up on their payment obligations—the law provided for the reversal of the offered incentives in this case. Annex III. Administrative Lessons from South African Offshore Voluntary Disclosure Program (VDP) Some of the aspects of the South African Offshore VDP that were found to be impractical and impeded the effective
Awareness and Reporting Obligations E. The Issue of Facilitators V. Conclusions Annex I. Cross-Country Comparison of Specials (Offshore) VDPs Annex II. The Greek Voluntary Disclosure Program (VDP) Annex III. Administrative Lessons From South African Offshore Voluntary Disclosure Program (VDP) References
skepticism that FATCA has generated anything close to the amount of revenue initially anticipated. FATCA was projected to generate $8.7 billion in revenue between fiscal years 2010–2020 (Joint Committee on Tax), a yearly average of $792 million. The limited information that is publicly-available suggests that FATCA may not have lived up to its hype. For example, since the launch of the Offshore Voluntary Disclosure Program, a partial amnesty program that allows persons not under audit to disclose unreported offshore activities and benefit from reduced civil and criminal
still need to share information promptly. Some countries also effectively exempt crypto-asset investment gains from taxes, with potential spillovers onto other countries’ tax bases. International coordination on information sharing, such as on residents’ foreign bank accounts, is necessary for enforcing capital taxation. Without information, tax authorities lack a cost-effective mechanism to protect the tax system, and tax audits generally fail to detect of-shore income and assets. Ad hoc unilateral enforcement initiatives and occasional offshore voluntary