German anti-tax haven law - more details
It notes that the draft legislation could change dramatically the way secrecy jurisdictions are used in Germany. However, it also notes that it is weaker than comparable foreign legislation and leaves many questions to be determined.
"It would work in three ways.
- Some features of the German (double) tax regime that are advantageous to international investors are going to be removed under certain conditions.
- There are enhanced obligations to retain information and increased powers of the tax authorities to ask for information
- Customs authorities will have increased powers to search for and enquire about bulk cash found at the borders.