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ATO Probing Offshore Credit And Debit Cards

by Mary Swire, Tax-News.com, Hong Kong

19 August 2005

The Australian Tax Office is reportedly investigating more than 3,600 individuals for using credit cards to transfer money between Australia and offshore territories in order to avoid taxation.

Fairfax Newspapers has reported that the three-year secret investigation involving seven countries and targeting both promoters and participants, has uncovered A$10 million (US$7.5 million) a day which is destined for offshore jurisdictions from Australian accounts.

Some 15,230 credit and debit cards were found by the ATO to have been issued by offshore providers, although the majority of these, 11,548, were being used legitimately by tourists, students and businesses. It is on the remaining 3,682 cards that the authorities are now focusing their investigative energies.

Officials are also investigating local employees of multinational firms who are paid via offshore credit or debit cards, and internet-based businesses receiving profit from offshore via offshore cards.

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