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Germany to chase tax dodgers in Singapore
Published: 6 Oct 12 12:30 CET | Print version
Online: http://www.thelocal.de/national/20121006-45399.html
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.
- Swiss want to tax loot from stolen CDs - Business & Money (5 Oct 12)
- Germany's rich get richer despite crisis - Business & Money (18 Sep 12)
- Minister wants to ban stolen tax-dodger details - National (1 Sep 12)
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
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Your comments about this article:
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.
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.