German Finance Minister Peer Steinbrück’s latest controversial proposal, to amend existing German tax law pertaining to the importation of goods and services emanating from Liechtenstein – a move designed to prevent the exodus of capital from Germany – has provoked a sharp response: according to Liechtenstein’s Prince Hans-Adam II, Steinbrück’s measures violate both international and European law, and also contravene the basic principles underpinning Germany’s legal state.
Determined to increase pressure on states deemed by Germany to encourage tax evasion, by operating a policy of non-transparency, Steinbrück aims to make the cost of money transfer to these countries more prohibitive.
Detailed in a draft bill, proposed changes to the current tax law will mean that all payments to businesses in ‘uncooperative’ states will no longer be recognised as business expenses.
Liechtenstein’s Prince has, however, fiercely criticised Germany’s knee-jerk reaction to the downturn in its economy.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment