BERLIN – The German budgetary plan will be boosted in 2011, with the government announcing that collections for the year have greatly exceeded previous estimates. In a statement released on November 4th the Finance Ministry of Germany revealed that the country saw a marked increase in tax collections for the year, with recorded tax revenues exceeding the government’s projections made earlier in May. According to the Finance Ministry of Germany, the total tax collections for the year will reach EUR 571.2 billion. ... Read More

Swiss bankers are breathing a sigh of relief as the banking giant Credit Suisse reaches a multimillion dollar settlement with German tax authorities. In a statement made by representatives of Credit Suisse on September 19th in Dusseldorf, the bank announced that a solution has been reached to the ongoing animosity with German tax authorities. The disputes centered on accusations that Credit Suisse staff knowingly aided German taxpayers in evading their tax obligations in Germany through the use of Credit Suisse bank accounts. ... Read More

Switzerland is set to step into a new era for its finance industry, as German and Swiss tax authorities come to an agreement in their long running dispute regarding cross border tax evasion and bank secrecy. Swiss banks will soon shell out CHF 2 billion (EUR 1.9 billion) to Germany to cover lost tax revenues resultant from German taxpayers hiding their assets in Swiss bank accounts. The payment comes as a part of a deal reached between German and Swiss tax authorities ... Read More

German tax authorities have clamped down on a tax fraud scheme in which nearly EUR 13 million was evaded on the sale of mobile phones. In a statement released on June 6th the Office of the Attorney General of Germany revealed that German tax authorities and police have successfully put an end to a tax fraud scheme which has so far cost the government EUR 13 million in lost sales tax revenues. Throughout this week, German tax officials have conducted raids on 147 offices ... Read More

As Germany sees an improvement to its economic conditions, the country's policymakers are looking to slash personal taxes rates within two years. As it was announced in a press release on June 3rd, the Germany’s three coalition parties are set to introduce a new legislative proposal on June 6th, to lower personal income tax rates from January 2013. The tax cut is being supported by the leading Christian Democrats (CDU), and its coalition parents the Free Democrats (FDP) and the Christian Social Union (CSU). ... Read More