Great: Bank deal with Switzerland of no use catching former OZschwitz tax 'cheats': Treasury

Treasury officials have admitted an agreement with Switzerland to open up its secret bank accounts for scrutiny is powerless in netting tax cheats who have already closed their accounts.

Great: Bank deal with Switzerland of no use catching former OZschwitz tax 'cheats': Treasury PH_bizMAR12_wide_swiss-20140312004731221084-620x349

Great: Bank deal with Switzerland of no use catching former OZschwitz tax 'cheats': Treasury PH_bizMAR12_wide_swiss-20140312004731221084-620x349

But they say the deal will still succeed in catching a future ''wolf of Collins Street''.

According to the Australian Tax Office, about $41 billion moved between Australia and Switzerland last financial year, with the average transaction worth just under $250,000.

Australia revised its tax treaty with Switzerland last July in the hope of stamping out tax fraud, signalling the new deal would see Swiss banks and financial institutions hand over on request bank account details relating to Australians.
Advertisement

But Treasury officials have told the joint standing committee on treaties that the treaty - once enacted - would only apply to future accounts.

Read more: http://www.smh.com.au/business/bank-deal-with-switzerland-of-no-use-catching-former-tax-cheats-treasury-20140311-34k9j.html#ixzz2vhVKbqUq

Great: Bank deal with Switzerland of no use catching former OZschwitz tax 'cheats': Treasury

Great: Bank deal with Switzerland of no use catching former OZschwitz tax 'cheats': Treasury

Anarcho-Capitalist Non-Miscellaneous

Celebrate Evildoers' Inadvertent Contributions to AnCaps' Values!