Reminders of the Swiss tax CDs
The German Federal Central Tax Office (BZSt) purchased electronic data from Dubai in June 2021 to uncover tax crimes. Several years ago, Germany had already purchased so-called data CDs from Switzerland that contained information about Germans who maintained an account abroad. It is to be expected that in connection with investments in Dubai, some criminal proceedings will soon be initiated on charges of tax evasion in Germany.
In June 2021, the data was handed over to the federal states for examination to check whether there are indications of tax crimes. The local prosecutors will then decide whether to initiate criminal tax investigation proceedings.
According to the press release of the Federal Ministry of Finance, the data contains comprehensive information on millions of taxpayers worldwide. Several thousand Germans who have invested assets in Dubai are said to be affected.
With the help of the acquired data, among other things, tax crimes with transnational, international or significant importance are to be uncovered. The data is to provide insights into unknown assets in bank accounts abroad and enable conclusions to be drawn about undeclared income.