Further information has been disclosed about the new German Finance Ministry’s anti-evasion strategy, which will include the creation of a global blacklist for jurisdictions seen as being non-cooperative in transparency respect.
Going forward the following key regulations will apply to German companies:
The disclosure of tax avoidance schemes will be mandatory.
A company beneficial ownership register that will be open to the public.
Stronger fines for breaking of corporate law.
An extended statute of limitations for tax evasion.
Increasing stringent national anti-money laundering legislation.