PayPal helps IRS track down tax evaders
Paul Lashmar writes in The Independent (UK):
PayPal, the internet money-transfer arm of eBay, is to disclose the identity of customers who use the service to evade paying US taxes.
The Internal Revenue Service (IRS) is demanding records of customers using Paypal through offshore accounts in all tax havens, including Jersey, Guernsey, Isle of Man, Gibraltar and other UK dependencies.
According to the IRS, PayPal's services have proved very attractive to tax evaders and the problem is growing. Customers can buy goods from eBay and many other shopping websites, pay for them from untaxed income held offshore and get the goods sent to their home address.
Tax authorities are also concerned that PayPal can be used to "launder" untaxed money between an individual's offshore and domestic accounts.
posted by Fergie @ 11/07/2005 07:35:00 AM
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