GAO Report on Abusive Tax Schemes Perpetuates Misunderstandings of Captives

A GAO report was meant to shed some light the use of captives as abusive tax shelters. Instead it only pitfalls perpetuating misunderstandings, says Bradley’s Davis Smith. On August 31, 2020, the US Federal government Accountability Office (GAO) released its documented ready at the behest of Senator Charles Grassley, chairman of the Finance Committee, on the uses of specific captive coverage businesses and lifetime coverage items in offshore domiciles that are categorised in this report as abusive tax…
By: Bradley Arant Boult Cummings LLP