Panama Papers lead to fines and tax clawbacks in Germany | News …

The Munich-based daily Süddeutsche Zeitung (SZ) and public broadcasters NDR and WDR reported Thursday that the haul of €140 million ($171 million) in fines and tax arrears was made in some of Germany’s 16 states.

Revenue authorities in the most populous state, North Rhine-Westphalia (NRW), gleaned €100 million in fines from banks and financial institutes for complicity in tax evasion. A further €17.5 million resulted from reclaimed taxes.

Read more: “Panama Papers” database goes online in 2016

The neighboring state of Rheinland-Palatinate gathered an extra €16.5 million, making it the second-highest German haul. Its Social Democrat (SPD) finance minister, Doris Ahnen, said evasion rattled “the foundations of tax fairness.”

Evasion rattles ‘tax fairness,’ says Finance Minister Ahnen

Investigations ‘bearing fruit’

Hamburg city state’s finance senator told NDR that unpaid taxes worth €1 million had been netted. That was an early sign, he said, that “these investigations are bearing fruit.”

One case before the Hamburg Regional Court had resulted in

... read more at: http://www.dw.com/en/panama-papers-lead-to-fines-and-tax-clawbacks-in-germany/a-43556233

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