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Peruvian VDP lasts only until end of the year

On December 11, 2016 the Law No. 1264 was published in the official bulletin of Peru launching a temporary Voluntary Disclosure Program. 

Applications can be made until December 29, 2017 for undeclared assets. The decisive day for the value of assets is December 31, 2015. The taxes are set at either 7 % or 10 % depending on its repatriation. The program provides amnesty from various tax and other penalties for persons who did not report their assets located abroad. 


Implications of the introduction of the automatic tax information exchange on the EU Savings Tax Directive

Council of the European Union passed a Directive to abolish the EU Savings Tax Directive 2003/48/EC

The Council of the European Union accepted a Directive to abolish the EU Savings Tax Directive 2003/48/EC on 10 November 2015. The EU Savings Tax Directive was implemented into national law in Germany with the so-called Interest Information Regulation (IIR) and came into force as of 1 July 2005.

Based on the IIR interest payments to natural persons and associations of persons of a non-commercial kind must be reported by the national paying agents. The introduction of this Directive served the Europe-wide combatting of tax evasion and tax avoidance as well as to ensure a consistent taxation of capital gains within the EU. However, it was not possible to achieve these targets owing to numerous possibilities for circumvention. For example distributions and income from foundations do not have to be reported in the Principality of Liechtenstein. The field of application can also be circumvented by means of life insurance wrappers and a management of the capital assets by a joint stock company. The IIR is further not applicable to many capital investment forms and financial products.