|
|
Australia Tax Commissioner warns against using tax evasion arrangements in Vanuatu Australia Tax Office, 2008. Australia Tax Commissioner Michael D’Ascenzo issued a taxpayer alert today warning people against using arrangements in Vanuatu or any other jurisdiction to claim false deductions or hide income offshore. “The message is simple – people should be cautious when considering the abusive use of offshore structures or tax havens including Vanuatu,” Mr D’Ascenzo said. “With excellent cooperation from Australia, New Zealand, Vanuatu and other international agencies under Project Wickenby, we are closing the net on people trying to use tax havens to hide income. “People who use offshore structures to generate false deductions or to deliberately hide assets or income in tax havens like Vanuatu can face serious penalties including criminal prosecutions.” The Tax Office is conducting 80 audits linked to Vanuatu with over $90 million in allegedly false deductions, and will write to another 500 Australians with apparent links to Vanuatu seeking more information on their tax affairs. “Last year we asked Vanuatu branches or subsidiaries of some Australian financial institutions to ask their Australian customers to check their arrangements,” Mr D’Ascenzo said. “If people thought they had tax compliance problems we offered them the opportunity to come forward and voluntarily disclose any issues. We have been disappointed with the low response rate from this particular initiative and urge people to think again. “However, I am pleased we have received 661 voluntary disclosures to date in relation to the abusive use of tax havens generally. “People who contact us before they are the subject of an audit may be entitled to substantial reductions in shortfall penalties under our offshore voluntary disclosure initiative.” More information on offshore voluntary disclosures can be found at www.ato.gov.au or by calling 1300 132 346.
|
