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Germany to chase tax dodgers in Singapore
Photo: DPA

Germany to chase tax dodgers in Singapore

Published: 06 Oct 2012 12:30 GMT+02:00
Updated: 06 Oct 2012 12:30 GMT+02:00

German Finance Minister Wolfgang Schäuble is planning a deal with the Singapore government to provide information on wealthy Germans hording money in the Asian haven.

Schäuble wants to kick-start negotiations on an agreement during his trip to Singapore next week, the Bild newspaper reported Saturday, citing unnamed government sources.

The finance minister's move follows new suggestions that rich Germans are shifting billions of euros from Switzerland to Singapore because CDs stolen from Swiss banks could reveal their hidden cash. Germany is also planning a new tax agreement with Switzerland.

Singapore has yet to react to Schäuble's proposal. The East Asian financial metropolis already has a tax agreement with Germany, and in October 2009 its parliament passed a law allowing it to force banks to reveal account details in the case of suspected tax evasion.

The Organisation for Economic Co-operation and Development (OECD) also took Singapore off its list of dubious tax havens in 2009, but in practice it remains difficult for investigators to find information on potential evaders.

In 2011, the OECD criticized Singapore's existing tax agreements for containing too many loopholes.

The Local/DPA/bk

The Local (news@thelocal.de)

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Your comments about this article

12:49 October 6, 2012 by pepsionice
Just a humble opinion, but I suspect in three years that Russia will finally start to be a secret banking empire. And Germany can as many agreements as they want with the Russian government....it won't matter because the Russians won't enforce them.
14:27 October 6, 2012 by wethepeople2012
Why won't they keep their hands out of everyone's pockets? Soon everyone will leave Germany and who will pay the taxes then?. 50% is outrageous!

The German tax man reminds me of a trip I once took to Rome, a child tried to pick pocket me on the subway. German tax man=Pickpocket!

I suspect some country will eventually be trusted and not worry or care what the german tax man says. They just have to convince their employees that if they release info that is intrusted, the customer looses faith and he will be located and incarcerated and no amount of bribery money will be worth it.
15:22 October 6, 2012 by realist1961
It is interesting, but not surprising, that there are more rich people than poor people who do not buy into the socialist/nanny state mentality.
10:05 October 7, 2012 by zeddriver
@realist1961

As long as the government robs Peter to pay Paul. They can always count on the support of Paul to continue or escalate such robberies.
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