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Jul 3, 2009, 10:16 GMT

Germany toughens up rules on tax havens

Berlin - Germany's parliament passed legislation Friday that increases taxation scrutiny of companies and private individuals who have business ties to tax havens. The bill, drafted by Finance Minister Peer Steinbrueck but later watered down by the governing parties, targets nations which do not meet minimum standards set by the Organization for Economic Cooperation and Development (OECD). In a speech to parliament, Steinbrueck welcomed commitments from 84 nations to meet the OECD standards. High-income Germans will also have to offer more information in tax returns about where they are keeping their assets. Germans are legally required to declare their worldwide income, including yields on financial assets which they control abroad. Affluent Germans have historically opposed a tightening of tax laws, arguing that tax scrutiny breaches their privacy. The Bundestag parliament was later set to pass another financial bill, authorizing the spinning off of worthless bank assets to so-called bad banks, leaving the 'good bank' with a healthy balance sheet.

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