Germany: Draft Bill on Combatting Tax Avoidance
The German Ministry of Finance has released a draft bill to further combat tax avoidance. This included:
- The ability to issue requests for information from third parties when there is strong indication of tax avoidance or evasion
- The introduction of an EU beneficial ownership register
- The obligation for taxpayers to state the purchase and sale of participation of at least 10%, or with a value of at least EUR 150,000, in foreign entities, associations and funds
- The requirement for individuals with a decisive influence on a company to keep all relevant information, including information on income and expenses, for a period of 6 years
- The statute of limitation period for tax evasion will be 10 years
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