[AML-CFT] Ministry of Finance To Crack Down On Offshores
- The government aims to crack down on offshore companies that help Greek groups to take care of their balance sheets.
According to government sources, the state loses income of over 6 bil. euro every year from the operations of such companies.
Some Greek companies have set up a scheme, where they register transactions with offshores using false tax data, overpricing imports or underpricing exports. In the end, the companies post high costs, thus bringing down profits and taxes.
Apart from the tax benefits, many Greeks resolve to the set up of offshore since it is an easy, quich and cheap procedure.
A special tax agency said that on a total of 15,000 reports for suspicious transactions over the last 12 years, 12,000 of them involved offshore companies.
Source: Capital GR
Posted By Inonu Akgun ALP to AML-CFT at 11/01/2009 06:55:00 AM