German Law Against Tax Evasion Proves Futile
Germany’s new and highly controversial law against tax evasion has virtually been overridden by events: the Finance Ministry has revealed that it is simply unable to identify any jurisdiction that fulfils the conditions required for its application.
The law, containing severe sanctions for anyone with links to so-called “tax havens,” was adopted by the previous grand coalition government, and entered into force in Germany at the end of September last year.
Since then, finance officials have been unable to apply the law, as the Organization for Economic Cooperation and Development’s (OECD) “black list” of countries deemed uncooperative in tax matters simply no longer exists. The law therefore remains merely a threat – for the time being at least.
Read the full article on www.taxnews.com German Law Against Tax Evasion Proves Futile.