As millions of Germans filed their income tax return last month, reports show that the government’s tax amnesty on undeclared foreign assets made little impact on April’s revenues.
Revenues from the amnesty amounted to EUR45 million in April, bringing the first quarter's total to EUR76.9 million, sources at the finance ministry revealed to German daily newspaper, Handelsblatt.
Under the terms of the scheme, penalties and charges are waived when individuals legalise undeclared savings held in foreign accounts, although a 25% tax is levied on the value of these funds, rising to 35% in 2005.
The Finance Ministry had envisaged a EUR5 billion windfall from the scheme this year, although Handelsblatt, quoting a Finance Ministry document last month, has revealed that this estimate has fallen to EUR1.5 billion.
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