WASHINGTON, March 12 Another bill to crack down
on offshore tax evasion is being developed in the U.S. Congress
amid growing pressure from governments worldwide on banks such
as Switzerland's UBS AG UBSN.VX (UBS.N) over tax issues.
The chairman of the Senate Finance Committee said on
Thursday that he is seeking input from other lawmakers on a
preliminary draft of a bill calling for higher levels of
Internal Revenue Service oversight of offshore tax issues.
Montana Democratic Sen. Max Baucus said in a statement that
his bill would also require that tax preparers ask more
questions about foreign accounts, that certain reports be filed
with tax returns, and that penalties for violations be raised.
In addition, the bill would "discourage businesses from
moving offshore by closing a loophole that results in employers
in offshore tax havens avoiding payment of Social Security
taxes on workers," said a statement from Baucus's office.
Related legislation has already been introduced in the
Senate by Carl Levin, the Michigan Democrat who chairs the
Senate Permanent Subcommittee on Investigations, and by Texas
Democratic Rep. Lloyd Doggett in the House of Representatives.
(Reporting by Kevin Drawbaugh; editing by Gunna Dickson)