TaxPersonal TaxGermany declares tax war on Liechtenstein

Germany declares tax war on Liechtenstein

Finance Minister urges Liechtenstein to reveal hidden billions

Peer Steinbrueck, Germany’s plain-speaking Finance Minister, has suggested
Germany is ‘declaring war’ on European tax-havens.

Countries under fire include Liechtenstein, Switzerland, Luxembourg, Austria,
Andorra and Monaco.

He has urged Liechtenstein to make its finance system more transparent
following a wide-ranging investigation into tax evasion of wealthy German
individuals.

According to the Suddeutsche Zeitung, 700 suspects are under investigation.
Klaus Zumwinkel, Chief Executive of the Deutsche Post, quit two weeks ago
following raids on his home and offices.
Reports
suggest that 3.4bn euros is concealed in Liechtenstein.

Steinbrueck hopes to establish a formal double taxation agreement with
Liechtenstein but if this proves impossible has said, ‘I am thinking of the
possibility of making business dealings with Liechtenstein considerably more
difficult.’

Liechtenstein is still on the
Organisation
for Economic Co-operation and Development
’s list of ‘unco-operative’ tax
havens.

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