• Germany's news in English
 

Germany to chase tax dodgers in Singapore

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

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)

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.
Today's headlines
How Germany will deal with the leap second
A scientist works with an atomic clock at the Federal Physics-Technology Institute (PTB) in Braunschweig. Photo: DPA

How Germany will deal with the leap second

Germany's top time scientists are ready to spring into action in the dead of night on Tuesday, inserting an extra second into the clock while everyone else is asleep. READ  

German unemployment hits historic low
Photo: DPA

German unemployment hits historic low

German unemployment remained at historically low levels in June as the recovery in Europe's biggest economy remained on track, data showed on Tuesday. READ  

Greece crisis
Chorus grows for Grexit as midnight strikes
Greek Prime Minister Alexis Tsipras preparing for an interview on public television on Monday evening. Photo: DPA

Chorus grows for Grexit as midnight strikes

Hours after Chancellor Angela Merkel's announcement on Monday that she remained open to further talks with Greece, an increasing number of politicians in Germany were calling for Greece to be gently ushered out of the euro. READ  

Greece crisis
Germany's Greeks look anxiously homeward
Antonius Chantzaras in his kiosk. Photo: DPA

Germany's Greeks look anxiously homeward

As crisis engulfs their homeland, members of the Greek community in Germany look anxiously homeward and reflect on how the crisis is already traveling back to Germany. READ  

Women's World Cup
Semi-final clash with US 'like a final'
Germany coach Silvia Neid. Photo: DPA

Semi-final clash with US 'like a final'

Ahead of Tuesday's semi-final clash against the Unites States in the Women's World Cup, Germany coach Silvia Neid warned that her team would not be relinquishing their status as the world's number one team yet. READ  

Germanwings co-pilot buried in silence
A man walks past a makeshift memorial to the Germanwings flight 4U9525 victims in Düsseldorf airport. Photo: DPA

Germanwings co-pilot buried in silence

As the co-pilot who steered Germanwings flight 4U9525 into the French Alps in March was buried on Monday, the authorities prepared to unveil the first steps they will take to improve air safety. READ  

Feisty mum attacks kids with pepperspray
Photo: DPA

Feisty mum attacks kids with pepperspray

A 20-year-old mother attacked a group of children with pepper-spray on Sunday believing they weren't being considerate enough with her own child. READ  

Tunisia terrorist attack
Second German confirmed among dead
Photo: DPA

Second German confirmed among dead

UPDATE: The Foreign Ministry confirmed on Monday that at least two Germans were killed in the terrorist attack in Tunisia which took the lives of nearly forty people. READ  

Boy sues classmate over sore bottom
Photo: DPA

Boy sues classmate over sore bottom

A 15-year-old boy from Hanover is suing his classmate after he pulled a chair from underneath him as he was about to sit down. READ  

Two refugee home 'attacks' in as many days
Police guard a refugee home in Freital, Saxony. Photo: DPA

Two refugee home 'attacks' in as many days

Two planned refugee homes have gone up in flames in two days in suspected arson attacks by far-right groups. In both cases the homes were still unoccupied and no injuries have been reported. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Society
An eye for an eye? Mum protects child in playground with pepperspray
Politics
Follow our LIVE blog as Europe holds breath over Greece crisis
National
As it happened: Queen Elizabeth's final day in Germany
National
As it happened: Queen Elizabeth's second day in Germany
National
Queen Elizabeth II's first day in Germany - as it happened
National
Bus passengers tell fake racists where to get off
Politics
What's really in the Queen's handbag?
National
Germans say USA doesn't respect freedom
National
Yes, you CAN buy adult e-books before 10pm in Germany
VIDEO: Watch a 93-metre turbine crash to earth in slow motion
Gallery
Who's got a shot at the German Film Awards
Rhineland
Anger over 'child-free' beer garden
National
How do you do, Majestät?
National
Man defends right to pee in public with tear gas
Features
The Germans who won Waterloo for the British
Frankfurt
Should Germany ban circus animals?
Hamburg
Where people are having the most sex in Germany
Culture
Who Wants to be a Millionaire? Not this student...
National
Dresden's three-decade-long red light
Politics
Upper house calls for gay marriage now
Berlin
Berlin named 3rd-best city worldwide
Sport
In search of the toughest firefighter
Business & Money
German firms shine for European engineering students
Gallery
Hitler's paintings up for auction
National
German's 70-year search for murdered US pilot
Politics
What the G7 leaders agreed at Elmau
Business & Money
What really makes Germans happy
National
Playmobil builder leaves worldwide legacy
National
The car share that became a drug run
Politics
What Snowden revealed to Germany
Rhineland
Why wolf cubs are being raised by hand
National
Hitler's booze cave found
National
Environment makes Germany worth living in
Culture
What's top of the charts in June
Gallery
Germany's most beautiful cycle routes
Business & Money
The business case for Britain in the EU
Rhineland
Why farmers are free to pong up the countryside
National
German restaurants among world's best
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

6,715
jobs available
Toytown Germany
Germany's English-speaking crowd