Revenues generated by Germany’s investment tax amnesty in the first six months of 2004 continued to fall well below the Finance Ministry’s expectations, according to a report in the national media.
Finance Ministry documents seen by German daily newspaper, Handelsblatt revealed that revenues accruing from newly declared offshore funds reached €224 million in the first half of the year.
This figure is likely to have disappointed Finance Minister Hans Eichel, who envisaged a €5 billion tax windfall this year from the scheme, which commenced in January.
A government tax committee has since revised this forecast down to €1.5 billion.
Under the amnesty, individuals declaring funds held abroad face a 25% tax on income from the capital if declared by the end of 2004. Between January 1 and March 31 2005 this penalty will rise to 35%.
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