Investigations 2008 Liechtenstein tax affair

1 investigations

1.1 germany
1.2 united states of america
1.3 finland
1.4 other countries

investigations
germany

according lead prosecuting office responsible economic crime in bochum, supported prosecuting offices in other towns criminal police, 600 700 individuals suspected in investigations. in addition, search warrants have been issued. official confirmation total number of suspects , amount of money involved has not yet been issued. according prosecutors, current investigations provide high level of evidence.

the affair became known on february 14, 2008, when raid conducted against klaus zumwinkel, chief executive of deutsche post ag, under suspicion evaded 1 million € ($1.46 million) in taxes. pressured government, zumwinkel resigned position. number of other individuals have been under investigation months, , appearance well-to-do have ways , means evade german tax laws has caused complaints inequality.

according report süddeutsche zeitung, heinrich kieber, bank computer technician, sold cd incriminating bank information bundesnachrichtendienst (bnd, english: federal intelligence service), handed material on tax investigation office in wuppertal. kieber paid €4.2 million federal ministry of finance data on investigation based. facing death threats, informant in hiding , has asked police protection. kieber wanted interpol. wall street journal indicated on february 19, 2008, name of informant apparently lives in australia , had sold data tax ministries of number of countries, including united states.

a number of raids conducted in hamburg, munich, frankfurt , other cities. several banks searched including bankhaus metzler, hauck & aufhäuser bank, dresdner bank, ubs in munich , berenberg bank in hamburg. in meantime revenue offices noted higher number of voluntary self-incriminations - avoid or reduce punitive damages - possible tax evasions people financial assets in liechtenstein.

while bnd received data in 2006, lgt group indicated in 2002 secret information had been stolen informant had been caught , tried in 2003, , material had been returned.

united states of america

the informant had sold data government of united states. after affair broke open, senator carl levin, chairman of senate investigations committee, indicated intention probe degree american citizens have used lgt bank evade taxes. in july 2008 u.s. subcommittee determined offshore tax haven saved $100 billion per year u.s. taxpayer. mentioned switzerland s ubs ag , liechtenstein s lgt group. report indicates lgt group contributed culture of secrecy , deception . according report ubs holds 1,000 declared accounts versus 19,000 not declared irs. report recommended number of steps including tighter regulations financial institutions.

finland

according lgt bank 20 finns had evaded tax in finland via accounts containing €50-60 million in deposited funds. largest known tax avoidance case in finland. names secret. according helsingin sanomat in sept/oct 2013 lichtenstein tax havens accounts include funds of casimir ehrnrooth (see upm, yit, jaakko pöyry , guggenheim helsinki plan) bertel paulig (coffee, spices) , construction company owners in turku.

seventeen finns paid additional taxes totalling €10 million. taxpayers initiated actions in administrative court. decisions not public. according finnish law cost of hidden taxes can 30%. in 2 cases shown reporters administrative court acted ca 1% interest rate payment. in 1 case hidden funds in total €483.000 , acted additional tax €4.350. in addition this, tax payers must pay avoided taxes , interest of tax funds not paid in time. according supreme administrative court of finland no other legal procedures possible, collecting hidden tax , 1% interest rate.

other countries

on february 24, 2008, became apparent secret bank information had been sold british tax authorities , 100 individuals in uk @ risk investigations tax evasion.

the informant provided governments of australia, canada , france data. on february 26 became known german government willing share relevant data of 4,500 accounts other governments; 2 third of these accounts belong accounts of non-german individuals or entities. fiscal authorities in ireland, belgium, finland, greece, italy, netherlands, norway , sweden indicated interest, , while danish government declined - considered material have been stolen - appears have reversed position. governments of czech republic , spain have announced investigations derived germany s list. india, however, has far not considered germany s offer despite reports many wealthy indian citizens might have accounts in bank.