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Netherlands Targets 'Black' Credit Card Payments,
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, June 15, 2010
Dutch Finance Minister De Jager has instructed the
country’s tax department to trace payments made using anonymous 'black'
credit cards (special credit and pin debit cards), linked to bank accounts in
former tax havens.
According to the finance ministry, these accounts are not reported to the tax
department and probably account for hundreds of millions of euros of undeclared
funds. The tax department is currently in discussion with organisations processing
such credit card payments in the Netherlands in a bid to track down the individuals
concerned.
In a statement, De Jager explained: “It is inconceivable that people buy
expensive things anonymously through foreign bank accounts and at the same time
try to dodge tax. The tax department ruthlessly tackles this type of fraud. When
caught the fine can be as much as at most 300%.”
The Dutch tax department and the Fiscal Intelligence and Investigation Service
and Economic Investigation Service (FIOD) believe that these credit and pin debit
cards are regularly used to buy expensive goods, and that they are used regularly
in attempts to commit investment and value-added tax carousel fraud.
The finance ministry states that: “The tax department now has the possibility
to filter payments by Dutch citizens by for instance analysing the frequency and
location of the payments. On the basis of the account number the tax department
can subsequently request information about the owner of the account. To this purpose
De Jager concluded in the past year dozens of information exchange treaties with
former tax havens.”
It is estimated that in the region of EUR30bn of undeclared funds is located in
foreign accounts.
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