Fed: Tax office looking to sting Vanuatu tax havens
Vanuatu seems to be turning into the favoured tax haven for Australian small businessesand that's prompted the interest of the tax office.
Official figures show about $5 billion flowed to foreign tax havens in 2001 and 2002- half of it to Bermuda.
But Taxation Commissioner MICHAEL CARMODY says his office is taking a close look at60 tax schemes promoted out of Vanuatu.
He says 95 per cent of tax haven users are big businesses and wealthy individuals,but in Vanuatu about half are small businesses.
AAP RTV kmh/sb/gjr/sco
KEYWORD: TAX (CANBERRA)
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