German finance minister Hans Eichel admitted yesterday that the government has been disappointed by the lacklustre response to the country’s tax amnesty on undeclared foreign assets.
The scheme, which Eichel hoped would bring in some EUR5 billion in tax revenues and help plug the country’s budget deficit, has yielded a relatively minor EUR378 million since its commencement on 1st January.
Speaking at a tax conference yesterday, Eichel conceded that these results are “far behind expectations", although warning that foreign account holders would not get a second “bridge to tax honesty”, as the programme has been dubbed.
Under the terms of the amnesty, which some have criticised as too harsh to tempt large numbers of disclosures, individuals pay a 25% tax on 60% on the secretly held foreign assets they declare. However, from 31st December 2004 to the amnesty scheme’s end on 31st March 2005, the tax penalty rises to 35%.
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