Salem Radio Network News Sunday, January 16, 2022

Business

German prosecutors probe alleged tax evasion by tax advisers

German investigators searched offices of accountancy firm PricewaterhouseCoopers and the homes of current and former employees Tuesday in a probe of alleged tax evasion by tax advisers.

The searches took place at offices in Frankfurt, Berlin, Duesseldorf, Hannover and Stuttgart, and at the apartments of four current senior employees and four former senior employees, prosecutors in Frankfurt said in a statement.

The investigation centers on an alleged scheme used between 2012 and 2017 by the suspects, ages 50 to 67, to inaccurately declare revenue from tax advice to German clients as the proceeds of a Swiss partner company, they said.

Prosecutors said that the scheme allowed them to evade taxes to the tune of more than 11 million euros ($12.4 million) over five years. The falsely declared proceeds stemmed from advising clients on declaring income from investments in Switzerland and payments of evaded taxes so that the clients could avoid prosecution, they added.

PwC confirmed the searches and said it was cooperating fully with authorities, German news agency dpa reported.

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