Amnesty for undeclared offshore income

| 30/11/2009

(Sydney morning Herald): Individuals and companies who fear that their offshore tax arrangements may spark a criminal investigation have been offered an amnesty by the Australian Tax Office. This precedes what the agency warns will be an ”all bets are off” clampdown next year on the use of tax havens to hide income. Under the tax office’s scheme, individuals or companies with undeclared offshore income can approach the agency anonymously for an ”indication” of whether they would be pursued by the tax office for a breach of criminal law.

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