Tax Law
If You Bank in Liechtenstein, You May Have a Problem
Posted Feb 26, 2008, 12:00 pm CDT
By Martha Neil
A two-week probe by German authorities has netted nearly 200 people who reportedly confessed to setting up bank accounts in Liechtenstein to avoid paying required taxes.
Now the Internal Revenue Service has announced today that it will pursue some 100 Americans who may have established bank accounts there for the same reason, according to Bloomberg. Other countries including Australia, Canada, France, Italy, New Zealand, Sweden and the United Kingdom also reportedly are investigating, and are expected to work with the IRS to obtain bank records and prosecute tax fraud cases.
"Combating offshore tax avoidance and evasion are high priorities,'' says IRS Acting Commissioner Linda Stiff in a written statement. `"We will use all our authority to fairly and effectively enforce our tax laws."
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