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Americans who live and work or are unemployed in Bermuda, Bermudians and other Bermuda residents with any financial interests in the USA such as owning any US stocks or shares, real estate or other relevant interests are all required by US laws to complete the USA's Internal Revenue Service tax returns and reports.The USA has the world's most complex web of national, state and local taxes and some staggering Federal corporation taxes, highest in the world in Federal taxes and consequent reduction of profits, anti-trust bureaucracy and more.
She oversaw one of the US Governments largest public diplomacy programmes overseas, which included academic and professional exchanges, grants programmes, English language activities, and film and speaker programmes.
US corporations that use Bermuda as a tax shelter include many dozens in the AIG group, GE, hundreds in the Chevron group and thousands more.
The USA requires all Bermudians, US citizens working in Bermuda or elsewhere abroad and others who have any stocks and shares or real estate or any financial interest in the USA to file US Tax returns, the only country in the world to to so. Written in part to celebrate Bermuda's 400th anniversary in 2009.
In the Interest and Dividend Compliance Act of 1983, Congress expanded the definition of "North American area" to include Bermuda and select Caribbean countries as specified in the Caribbean Basin Economic Recovery Act.
As a result, a US resident taxpayer attending a legitimate business convention in Bermuda can deduct from his or her USA Internal Revenue Service taxes all costs incurred in Bermuda.