Maltese Companies Used As Front For Italian Tax Evaders
It was reported at the weekend that a number of companies and bank accounts
established in Malta were used as part of a fraud network running in at least
nine European countries. Following the arrest for tax evasion of 22 Italian citizens in Asti, northern
Italy, the Maltastar.com news service revealed that an as yet unspecified number
of Maltese citizens were also involved in the scam, reporting that: 'Police found bills of exchange amounting to US$50 million (Lm20.8 million)
and documents showing that a company was registered in Malta using a false identity
in a Maltese suspect's office in Sliema.' According to the news service the shell companies and bank accounts, thought
to number around 8 and 23 respectively, were established in order to evade VAT
and income tax in Italy and other European states, and to transfer the proceeds
of illicit activities such as fiscal fraud out of Italy. .
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.