Germany to call for tax haven crackdown
New rules would force disclosure of all investments by EU residents
Germany is to ask the European
Union to clamp down on tax havens including Liechtenstein, Monaco, Andorra
and Switzerland.
Finance minister Peer Steinbruck will use a meeting with his fellow ministers
to rally support for tougher rules, says
the
Financial Times. Berlin estimates the cost of tax evasion at €30bn per year.
Prosecutors are currently investigating at least 600 holders of anonymous trusts
in Liechtenstein.
The German finance industry has been working on tough new rules that would
force tax havens to disclose the extent of the funds held by EU residents in
their banks.
It wants to extend the powers of the existing Savings Tax Directive to cover
not simply interest payments on cash savings but all returns on financial
assets, including dividend payments and capital gains, ensuring that tax is paid
in their owners’ countries of residence.
Further reading:
Chancellor to press for sanctions against
Monaco
‘We’re no Liechtenstein,’ says Monaco