German Scandal Spreads

I wrote earlier about the tax scandal in Germany. Well, that scandal that began in Germany over hidden funds in Liechtenstein has spread. Countries now investigating Liechtenstein-related accounts include France, England, Australia, Italy, Canada, Sweden, New Zealand, Greece and Spain. And one more: the United States.

Yes, the Internal Revenue Service is investigating about 100 individuals who had accounts in Liechtenstein.

Meanwhile, Liechtenstein authorities are threatening to prosecute the Germans who bought the list for $7.3 million. I’m guessing there’s a German (or two) who won’t have the principality on their vacation plans for the near future.

There is one truism that comes out of this. Linda Stiff, the acting IRS Commissioner, told UPI, “It should be clear from recent events that there is no safe hiding place for the proceeds of tax avoidance and evasion.”

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