CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Germany Seeking More Tax Transparency

Germany Seeking More Tax Transparency

by Ulrika Lomas, Tax-News.com, Brussels

11 April 2016


The German Government is planning new transparency laws in response to the leak of the so-called Panama Papers on April 3.

As part of the German Government's response to the revelations, Justice Minister Heiko Maas said that he envisions a "transparency register for shell companies" under which beneficial owners must disclose their details. "The secrecy must end," he remarked.

However, it is unclear how effective the proposed changes would be at increasing the transparency of beneficial ownership as it could only apply to companies established in Germany itself and Maas has conceded that other jurisdictions would have to apply similar rules for the system to be workable.

Nevertheless, increasing corporate transparency is now considered a high priority by Germany's leadership, with Finance Minister Wolfgang Schaeuble having stated that the publication of the documents belonging to Panamanian law firm Mossack Fonseca "increases the pressure to abolish abuses."

Chancellor Angela Merkel also said following her recent meeting with officials from the IMF, the OECD, the World Bank, the International Labour Organization, and the WTO that the issue of transparency is now "of the greatest importance."

TAGS: Finance | tax | law | offshore | tax planning | Germany | Panama | Tax | Tax Evasion

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »