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TAX NEWS - January 2010

Germany Tax: Government decides not to issue blacklist of non-cooperative jurisdictions

Germany's Act to Combat Tax Evasion introduced additional reporting requirements on taxpayers with respect to business relations/transactions with "non-cooperative jurisdictions." Failure to comply with the reporting obligations can result in the disallowance of a deduction for business expenses or the denial of a reduction in withholding tax.

Since the new reporting requirements only apply to transactions with non-cooperative jurisdictions, the government was expected to issue a blacklist of specific countries. However, on 5 January 2010, the Federal Ministry of Finance published official guidance, stating that, as from 1 January 2010, no foreign jurisdiction qualifies as a non-cooperative jurisdiction and that the Ministry will publish a new decree in the future if a non-cooperative jurisdiction comes to their attention. Thus, taxpayers currently do not have to apply the new reporting obligations, but should remain alert for future changes.
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