The opportunity to obtain tax relief and avoid criminal prosecution under the 2011 Offshore Voluntary Disclosure Initiative came to an end last week. The results released on Thursday 9/15 seem to suggest that the 2011 initiative was not as successful as the 2009 initiative, but it is too early to tell for sure.
2009 Amnesty Program
- 15,000 voluntary disclosures (and additional 3,000 filed late)
- $2.2 billion collected
- Amount collected is from 80 percent of cases now closed
2011 Amnesty Program
- 12,000 voluntary disclosures
- $500 million collected*
- Percentage of closed cases likely small
*Collection of penalties and installment payments will continue in the coming months and this figure may still surpass the $2.2 billion collected under the 2009 program.