Iceland tax investigators may get freezing powers

Icelandic-money-02The Icelandic government has submitted a bill to parliament which would allow the assets of people under investigation by the State Tax Investigation office to be frozen.

The bill’s explanatory statement says the aim is to prevent people avoiding their tax obligations by moving funds or assets from their own names to other people.

Under the proposed law, as soon as a person has been informed of the tax investigation being carried out on them, they will no longer be able to disperse their assets by selling them, using them as collateral for loans, or by other legal procedures. reports that it is unsure under what circumstances the law would be needed; but that tax investigators look likely to start chasing several big cases following the banking collapse last autumn.

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