Panama Papers lead to fines and tax clawbacks in Germany

Panama Papers disclosures have generated an extra €140 million in tax revenues for Germany, according to research by three media outlets. And that’s with many hundreds of other evasion cases still unresolved.

Symbolbild Panama Papers (picture-alliance/dpa/K. J. Hildenbrand)

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.”

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