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Retail Banking Industry And Processes MCQs

Why do offshore banks not save someone from paying taxes on the money in the account?

The offshore bank will contact the U.S. government and inform them of what the customers are doing

The U.S. tax law requires all citizens to pay taxes on both domestic and foreign earnings

The offshore bank will collect taxes on behalf of the U.S. government None of the above

Answer

Correct Answer: The U.S. tax law requires all citizens to pay taxes on both domestic and foreign earnings

Explanation:

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