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Republican nominee frontrunner, Mitt Romney, is enduring his worst week of the presidential campaign as further details of his tax affairs, which have come under increasing scrutiny ahead of the South Carolina primary, were uncovered.

ABC News investigative unit discovered that up to $30 million of Romney's personal wealth was deposited in the Cayman Islands to avoid paying US tax, when he worked at his former investment fund, Bain Capital.

But Romney's campaign team quickly released a statement after the report went viral claiming that the money was not put there to avoid tax and that exactly the same tax would have been charged if the money had been deposited into a fund in the USA.

A spokeswoman for the Romney campaign, Andrea Saul, said: "ABC is flat wrong. The Romneys' investments in funds established in the Cayman Islands are taxed in the very same way they would be if those funds were established in the United States."

But 24 hours after the statement was released, questions still remained unanswered as to why the money was put there in the first place if that was the case.

In a further blow, the Citizens for Tax Justice suggested that offshore accounts cost the US Treasury over $100 billion a year at a time where the federal government has to make severe cuts.

Questioned during the South Carolina debate whether he would follow in his father's footsteps and publish all of his tax returns over the last 12 years, Romney said: "Maybe" which was met by a chorus of boos.

The former governor of Massachusetts has refused to agree to publish his tax records prior to the April but is under increasing pressure from the media, rival candidates and supporters to do so. Rival candidate for the GOP nomination, Newt Gingrich said during the presidential debate that the people have a right to know before a candidate is chose to run against Barack Obama for the White House in the autumn.

Earlier in the South Carolina campaign, Romney admitted that he paid a fraction of tax compared to the rest of the working American public.

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