German officials are calling for stringent rules on tax evaders, after Bayern Munich president Uli Hoeness has been convicted for tax evasion.
Currently people who avoid paying more than 50,000 (US$70,000) in tax will face a 5% fine and can apply for an amnesty under certain conditions.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
German finance minister Wolfgang Schaeuble was cited by Reuters as saying to Frankfurter Allgemeine Sonntagszeitung: "Together with the federal states we want to tighten the conditions for amnesty further."
Hoeness has admitted that he evaded 27.2 million ($41.75 million) in taxes on income earned in secret Swiss bank accounts and would step down as president and business chairman of Bayern Munich.
He was initially charged by prosecutors with evading 3.5 million in taxes from trading profits. Hoeness has confessed himself to authorities last January that he had not paid taxes on assets hidden in a secret Swiss bank account.
According to the German taxpayers association, around 55,000 tax evaders paid a total of about 3.5 billion in back tax over the last four years.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
