Liechtenstein Tax Evasion Case An Atomic Bomb Against Offshore Planning
In 2002, a computer technician working at a bank in Liechtenstein downloaded the names of 1,250 wealthy customers from around the globe and later sold the data for several million Euros to the German tax authorities. The Germans quickly shared the information with other fiscal agencies such as the IRS and Revenue Canada, which have started prosecutions for tax evasion against the offenders.
But more importantly, this case highlights the truth about offshore planning: Somebody knows. And with the technician receiving several hundred Euros, and the tax authorities having learned how valuable the information is, the idea of "offshore" information remaining confidential from the tax authorities seems less certain than ever.
Plus, this will doubtless again spur the industrialized nations to take further action against countries whose main business is to facilitate tax evaders. Those who participate in offshore tax evasion are taking greater risks than ever, and their past activities are now much more likely to become known.
Some telling articles on the case:
http://www.guardian.co.uk/business/2008/mar/02/tax.personalfinancenews
http://www.businessspectator.com.au/bs.nsf/Article/A-taxing-distinction-CCA9W?OpenDocument
http://winnipegsun.com/News/Canada/2008/02/29/4884791.html
Labels: liechtenstein, offshore, tax evasion, tax haven
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