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Germany tweaks anti-money laundering & tax laws

05-30-2011 09:25 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Nair & Co.

Sunnyvale, CA - The German Finance Ministry released new rules which further strengthen the existing anti-money laundering law on voluntary disclosure. The Federal Council also approved the draft bill on combat of tax evasion.

As per the new law, immunity from prosecution will be granted only if information on all assets qualifying for tax is “completely and accurately” furnished during voluntary disclosure.

Read more at http://www.nair-co.com/Germanyanti-moneylaundering.aspx

Important amendments to the current rules include -
Exemption from punishment is limited to an amount of evaded tax of EUR 50,000 and supplementary payment for the evaded tax in due time is obligatory.

Read more at http://www.nair-co.com/Germanyanti-moneylaundering.aspx

The time period for submitting voluntary disclosures is also to be amended under the new rules. According to the current law, individuals can avoid prosecution if their voluntary disclosure is submitted to the German tax authorities at the start of an investigation.

Read more at http://www.nair-co.com/Germanyanti-moneylaundering.aspx

The draft bill to combat tax evasion is now designed to limit the amount in excess of which, voluntary disclosure no longer grants automatic immunity. According to the Finance Ministry, this is result of the significant number of voluntary declarations that were made following the recent tax data revelations.

About Nair & Co.

Nair & Co. provides an integrated solution in the HR, finance, tax, compliance and legal arenas making a company’s overseas operations less risky, stress free and more strategic. It currently has 740+ client operations in over 50 countries with offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP).

Nair & Co., 1250 Oakmead Parkway, Suite 210
Sunnyvale, CA 94085 United States

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