Germany has underlined that it will continue its tough stance on non-compliant ‘tax havens’ into 2010. German Finance Minister Steinbrueck has announced that the government has drafted proposals to impose higher taxation and withdraw tax allowances on companies operating in countries that it considers are not cooperating in the shift towards transparency and information exchange. The new law is expected to enter into effect from 2010, providing it gains parliamentary approval.
Steinbrueck stated that the law aimed to penalize companies that failed to disclose financial information to the German government.
Steinbrueck also disclosed that a German delegation would travel to Berne for discussions with the Swiss government this month.
Switzerland has concluded twelve Tax Information Exchange Agreements but will not be deemed to be a territory that has 'substantially-implemented' the agreed standards until the treaties are ratified and brought into effect.
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