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Tax Haven Cases Investigated

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Tax Haven Cases Investigated

From Tortola, a tax haven.

From Tortola, a tax haven. Photo: Wikipedia.

The Directorate of Tax Investigations in Iceland will begin investigating the tax returns of 30 individuals, RÚV reports. That decision is based on analysis of documents from tax havens purchased by the Directorate last spring. The number of cases was determined taking into account the number of staff available for the work load.

Director of Tax Investigations Bryndís Kristjánsdóttir tells RÚV the investigation will take months. The largest cases involve financial interests of ISK hundreds of millions (ISK 100 million is the equivalent of USD 790,000 or EUR 700,000). In light of that, she believes the amount paid for the information will be recovered.

“The way it looks right now,” Bryndís says, “there is suspicion that income has not been reported, but as with other cases, investigation will reveal whether that suspicion is well-founded.”

The information purchased by the Directorate includes about 400 companies. As it turns out, some individuals had connections with more than one company and vice versa.

The Directorate received additional funding from the State to pay for the information from tax havens. According to Bryndís, those 30 cases are the most serious ones among them.

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