Most Business Big Shots Suspected of Tax Evasion Skip to content

Most Business Big Shots Suspected of Tax Evasion

The tax inspector is currently investigating extensive tax evasion practiced by most of the Icelandic “outvasion Vikings” and other main players of the Icelandic economy in the lead-up to and the aftermath of the banking collapse in October 2008.

Photo: Páll Stefánsson.

“Yes, I can confirm that,” acting tax inspector Stefán Skjaldarson told Fréttabladid when asked whether nearly all of the entrepreneurs that have been covered in the media regularly since the collapse are under investigation for tax evasion. “There are several large cases and most of these players are involved.”

The assets of Baldur Gudnason, former CEO of Eimskip, were frozen earlier this month and Vidskiptabladid business paper reported this week that the assets of Jón Ásgeir Jóhannesson and Hannes Smárason will be frozen due to suspicion of tax evasion.

Skjaldarson said it is planning to freeze assets in all large tax evasion cases, that is, cases where the taxation claim is at least ISK 50 million (USD 390,000, EUR 291,000). Several of such cases are currently under investigation.

The assets which taxation authorities are planning to freeze are worth billions of ISK.

Skjaldarson would not comment on specific cases as they could have a negative impact on the investigation.

Click here to read more about the freezing of assets.

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