Germany has reportedly acquired tax secrets data on 1,000s of Swiss bank accounts.
The Rhineland-Palatinate state has, reportedly, bought a CD, which holds secret Swiss bank account intelligence.Government officials, reportedly, paid EUR4 million for the CD, which includes 40,000 data sets. The information could yield EUR500 million (US$654 million) in tax revenue.
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Finance Minister, Carsten Kuehl, has confiremd the data is authentic accoridng to Reuters reports. The data, reportedly. prompted over 200 raids nationwide against suspects.
"We expect the information to yield tax revenues of around 500 million euros across Germany," said Kuehl, also adding that state officials are in contact with investigators.
Der Spiegel magazine reported the information pertained to at least 1,000 German customers with Swiss bank accounts with personal fortunes in the double and triple million digits, and are suspected to be linked to tax fraud.
The seller has not been identified yet.
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By GlobalDataThe EU and the US have recently led a consistent campaign against untaxed funds hidden in Swiss banks, but Swiss officials have refused to automatically exchange of information.
Luxembourg has the largest international private banking sector in the EU and has announced plans to ease its banking secrecy practices. The country will now ‘open’ information on assets, which total more than US$1 trillion, to other EU member states.
