Maltese Companies Used As Front For Italian Tax Evaders
by Robert Lee, Tax-News.com, London
10 December 2002
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.
To see today's news, click here.
Tax-News Reviews

A review and forecast of Cyprus's international business, legal and investment climate.

A review and forecast of Malta's international business, legal and investment climate.

A review and forecast of Jersey's international business, legal and investment climate.

A review of the latest budget news and government financial statements from around the world.
Stay Updated
Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.
By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.
To manage your mailing list preferences, please click here »