The taxman comet to 60,000

THE thought of the taxman arriving at the door, armed with full details of bogus non-resident accounts, is enough to give sleepless nights to the estimated 60,000 account holders.

Many of those with bogus non-resident accounts are small business people and those with modest lump sums to hide away secretly as nest eggs for the rainy day. As a result, they could end up losing all their savings. Furthermore, people who inherit such money can also be made liable for tax due.

Pressure is being stepped up on account holders who failed to avail of a tax amnesty before the November 15 deadline.