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German Tax Amnesty Sees Late Rush In Revenues

by Ulrika Lomas, Tax-News.com, Brussels

06 January 2005

A late rush of declarations to the German authorities saw revenues accrued from the government’s tax amnesty rise dramatically in December ahead of a increase in the penalty rate in January.

According to a report in Financial Times Deutschland, the latest figures show that revenues leapt from a total of EUR556 million at the end of November to EUR903 million, meaning the government’s revised estimate of EUR800 million in revenues has been surpassed.

However, the figure remains dramatically lower that the initial target of EUR5 billion in revenues set by Finance Minister Hans Eichel at the commencement of the tax amnesty in January 2004.

Under the terms of the amnesty, those who declared assets held abroad without the knowledge of the German authorities were subject to a tax of 25% until January 1, after which the rate increased to 35%, where it will remain until the end of the scheme on March 31, 2005.

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