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Germany Expects EU Support In Offshore Crackdown,
by Ulrika Lomas, Tax-News.com, Brussels
Tuesday, March 04, 2008
German Finance Minister Peer Steinbrueck is urging European Union member states
to back tighter rules to make it harder for taxpayers to move money offshore.
Steinbrueck told reporters at the start of the latest Ecofin meeting in Brussels
on Monday that there needs to be a new discussion on expanding the EU Savings
Tax Directive to cover financial vehicles and territories not currently included
in the legislation.
He also wants all member states to adopt guidelines drawn
up by the OECD to effectively unify EU tax information exchange provisions.
"I'm expecting broad European support in the struggle against tax fraud,
which weakens the whole community," Steinbrueck stated.
"I would like to see the OECD codex implemented and I would like to see
broad support by European countries in the fight against tax evasion,"
he added.
"We have to support the Commission in its negotiations with tax havens
like Singapore, Macau and Hong Kong. It cannot be that some European countries
through their own agreements undermine the Commission negotiations," Steinbrueck
argued.
The German finance minister also noted that some EU member states with traditions
of banking secrecy, such as Luxembourg and Austria, have been "difficult
to get certain information from", but he stopped short of labelling these
states as 'tax havens'.
Luxembourg and Austria were among the handful of member states and third countries
which were allowed to opt out of sharing information on bank accounts under
the savings tax directive, and instead apply a temporary withholding tax on savings
interest.
However, Steinbruek's comments suggest that pressure may be brought
to bear on these states to sign up to information exchange; indeed, Belgium,
another country which applies the withholding tax, is to review the system and,
according to Finance Minister Didier Reynders, "will move directly to exchanging
information".
In response to Germany's concerns on tax evasion, Luxembourg's Prime Minister and Finance
Minister, Jean-Claude Juncker urged fellow EU governments not to make a "snap
decision" on new anti-tax evasion measures, but he conceded that European
financial hubs should not "enrich themselves at the cost of their neighbours".
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