PayPal to disclose identity’s as IRS chases tax evaders
Published November 6th, 2005
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.
Related Articles PayPal Plus Credit CardPayPal increases payment protectionPayPal Security KeyPayPal UK offers money sending advicePayPal Online Payment Service Disrupted
