Finance Ministers Meeting in Australia: G20 say the fight to tax evaders – Tagesspiegel

Finance Ministers Meeting in Australia: G20 say the fight to tax evaders – Tagesspiegel

18:51 clock Christopher Ziedler

Many good intentions: The G20 put to investors and tax justice. And plead for a disclosure of all income with no exceptions.

Infrastructure projects will bring the ailing global economy according to the will of the leading industrialized and emerging economies (G20) in transition. The finance ministers and central bank governors adopted on Sunday in Cairns, Australia an infrastructure initiative to attract private investors in particular. The decisions are an important element in stabilizing the world economy, said Finance Minister Wolfgang Schäuble (CDU). The International Monetary Fund (IMF) lowered its growth forecast for the world economy in July from 3.7 to 3.4 percent.

The Minister warned of geopolitical and financial market risks, expressed concern about the Ebola crisis in Africa and affirmed the vigorous fight against companies that exploit tax loopholes. The infrastructure projects are to be as required by Schäuble mainly financed privately. “We have agreed to come away from government-financed growth measures to more private investment,” said Australia’s Finance Minister Joe Hockey. The initiative provides about using the World Bank database which makes it private investors easy to find planned projects.

Schäuble wants private funds for the expansion of infrastructure

Schäuble gave the advance of the EU to tap the euro rescue fund ESM for stimulus measures, a clear rejection: “First and foremost, the Fund for this is because that it is not needed and creates trust,” he said in Cairns before traveling on to Vietnam. To fight against companies that exploit loopholes, Hockey said: “We have approved far-reaching initiatives to track down tax evaders through automatic exchange of information. We ask others there to do the same. “By 2018, the

to operate so that no large company can handle through profit shifting more taxes. Within the EU, there had been a breakthrough against tax evaders in March, as Luxembourg and Austria gave up their resistance to the Savings Directive. This was the range of information that banks must automatically report to the tax authorities in the home country of their customers greatly expanded. There are no longer merely the interest that once gave the EU Directive the name, but also dividends and other investment income. The EU Commission has received from the finance ministers also a mandate to negotiate stricter tax agreements with Switzerland, Andorra, Monaco, San Marino and Liechtenstein.

disclosure without exceptions

And the next tightening is just before: At the insistence of Germany, France, Britain and three other Member States proposed EU tax commissioner Algirdas Semeta, the exchange of information between European authorities to extend so that without exception, all income and account balances are reported. This so-called “EU-FATCA” that the rigorous approach of the Americans takes a model in this area is soon to be adopted by the European finance ministers. “We believe,” said the spokesperson of Commissioner Semeta, “that this will happen at the next meeting in mid-October.”

“There’s really a lot of progress,” says Sven Giegold, the tax expert of the Green Group in the European Parliament, to equal weaken again: “The problem is that now found many wealthy individuals bogus companies to corporate taxation to submit to – where has been just barely done anything.”