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IRS Exempts Israeli Banks From Detailed Reports On Investments By Non-US Citizens.(Brief...

The US Internal Revenue Service (IRS) is tightening regulations in its fight against income tax evaders who use banks outside of the US to avoid paying taxes. Starting January 1, 2001 the IRS will require banks outside of the US to report to the IRS details of investors on whose behalf they are making investments in US corporations or securities. The IRS is not interested in interfering with investors who are not US citizens, but does want to root out investors who are US citizens and who use offshore banking in order to avoid paying taxes on interest income and capital gains. Isr

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