Angela Merkel's grand coalition has finally agreed draft legislation against tax evaders, presented in cabinet on April 22, after weeks of behind the scenes wrangling.
The new draft legislation will require individuals and businesses above a certain size to keep detailed records, ready for immediate audit by the tax authorities, of all their dealings in so-called tax havens. Tax havens are defined as those countries who have not yet submitted formally to OECD guidelines with regard to the exchange of information for tax purposes. Failure to comply can lead to immediate withdrawal of tax allowances with regard to those transactions; such allowances could include capital gains tax exemptions, tax-deductible expenses or tax exempt dividend payments.
The coalition government intend to require parliamentary consultations on the draft to be completed no later than the beginning of Parliament's summer break and, after consent of the Bundesrat, the new tax regulations will be issued.
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