BVI company involved in Iceland’s former Prime Minister’s tax payment issues

It became known that Wintris, an offshore company registered in the British Virgin Islands and owned by the wife of former Primer Minister of Iceland, failed to pay taxes in Iceland for a period of several years. The existence and ownership of the offshore company was made public last year, due to the Panama Papers, and resulted in the resignation of country’s Prime Minister.

Wintris was founded shortly after Anna Sigurlaug Pálsdóttir acquired a prepaid inheritance from her father. Iceland’s Prime Minister had a 50 per cent stake in the company, worth over 1 billion EUR 8 million, which he sold to his wife for $1 shortly after becoming a member of parliament in 2009.

One month after the existence of the company and the couple’s ownership of it was made public, the letter was sent by their attorney to the Director of Internal Revenue, with request to correct their tax returns from 2011 to 2015, and recalculate the charges. The letter’s claim that Wintris may not have paid taxes according to law is in contradiction with couple’s public statements that the company had always paid taxes correctly.

The public ruling made last week shows that for several years taxes were not properly paid for the assets held by Wintris and so the financial information provided by former Prime Minister was not accurate.

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