The US Tax Service suspects Americans of abuse of Puertoorcan tax benefits – Bits Media

Prosecutor's Office and Tax Service of the United States (IRS) investigate the activities of cryptocurrency traders and control funds, suspected of illegally obtaining tax benefits on the island of Puerto Rico.

Investigators have brought several civil and criminal cases against Headford control, cryptocurrency traders and other wealthy Americans. IRS suggests, that they could lie about their living in Puerto Rico and income, To take advantage of tax benefits. The prosecutor's office also considers accusations of conspiracy and fraud using electronic communications in cooperation with officials of Puerto Rico.

IN 2012 the year of the Octrov government updated the tax policy, After which the residents were completely exempted from taxes for interest, dividends and capital increase. Besides, residents of this jurisdiction on 60% freed from municipal taxes and pay only 4% Export tax. To reduce the fiscal load, some American companies moved to Puerto Rico in order to save as much profit as possible without loss of US citizenship. To claim benefits, New residents must prove, that they live on the island at least 183 day a year.

However, some American lawyers, acquaintances with the law, They say, that people can indicate inaccurate information in the tax return. In addition, the tax program of Puerto Rico caused the protests of local residents, calling rich Americans "low tax colonialists", increasing the cost of life.

Supporter of investment in gold and critic Bitcoin Peter Schiff (Peter Schiff) - One of those, who preferred the jurisdiction of Puerto Rico for tax reasons. However, last year, local regulators suspended the activities of his Euro Pacific Bank due to non-compliance with the requirements for minimal capital. In this regard, Shiff was ready to sell his bank for bitcoins.