Almost half of the 160 Austrians accused of tax evasion, by placing funds in neighbouring Liechtenstein, are currently facing criminal prosecution.
Following the launch, eleven months ago, of a major investigation conducted by German authorities, into cases of suspected tax evasion involving Liechtenstein, and the subsequent appearance of the infamous ‘list’, detailing individual cases, the names of 160 suspected Austrians – among them prominent personalities – have finally emerged.
In a large number of cases, individuals are facing charges of deliberate tax evasion, as the level of funds involved exceeds EUR75,000. As a result, these cases have been passed to the public prosecutors.
Some individuals may be indicted on charges of both tax evasion and professional tax fraud, which in theory could carry custodial sentences, along with fines of up to three times the amount of tax evaded.
According to the authorities, the amount of tax avoided by Austrian nationals, by diverting funds into Liechtenstein foundations, is thought to total in the region of EUR300m.
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