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