Country expects to recover $600 million in back taxes
Call it a sound, if somewhat dodgy, investment. German tax authorities will apparently shell out more than $3.5 million for a CD containing data stolen by computer hackers who stole the information from a prominent Swiss bank. Germany believes the data includes information about 100 secret bank accounts used by Germans to hide otherwise taxable income. In all, authorities hope to recover close to $600 million in back taxes using the information stolen by hackers. German Chancellor Angela Merkel defended her government’s investment in stolen property, saying “tax evasion is far from a trivial offense.” Meanwhile, lawyers and tax advisers in both Germany and Switzerland are reportedly being flooded with calls from nervous depositors.