June 6, 2023

Dubai Week

Complete Dubai News World

Berlin gets its hands on the “Dubai Papers”

The German government has purchased tax data for “millions” of properties in Dubai from an anonymous source.

This is a new case, Herv ஹெ Falciani, this whistleblower, a former employee of HSBC, was named in the wake of a widespread tax evasion scandal in Switzerland, especially after he provided banking data to French tax authorities. After the “Swiss Leagues” and the “Panama Papers”, can Germany be the origin of the “Dubai Papers”? He said on Wednesday that the German government had purchased tax data from an anonymous source of “millions” of assets in Dubai, which it wants to analyze to identify fraudsters. A statement from the Ministry of Finance stated that “data” was obtained from an anonymous source in Berlin in February, confirming information released by the weekly Der Spiegel earlier this week.

The data “contains information on millions of taxpayers around the world and several thousand Germans with assets in Dubai,” he added. “We use all means to detect tax offenses,” Finance Minister Olaf Scholes argued. German tax authorities are trying to send data on foreign taxpayers to the states concerned.

Dubai, like the rest of the United Arab Emirates, is particularly popular with the wealthy worldwide because of the very low taxes on wealth and businesses. This does not apply to any corporate or income tax.

The crusade launched by the states after the 2008 crisis against tax evasion gained new importance with the Govt epidemic, which required hundreds of billions of public spending to tackle the crisis. The G7 countries have concluded an agreement Corporate tax rate at least 15% worldwide, Thus restricting tax competition between countries. In July, it should be checked at the G20 level.

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