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Day: 31 May 2021

The U.S. has proposed a new weapon against offshoring

On April 6, 2021, U.S. Secretary of the Treasury Janet Yellen announced a new approach to combating offshore companies and tax evasion by entrepreneurs. It is proposed to reduce the corporate income tax for companies that operate production units in multiple countries. The United States has sent this proposal to 135 countries. If accepted, this …

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Germany’s tightening of transparency requirements for companies

Sowana Reports – On April 31, 2021,** the Federal Cabinet of Ministers adopted the draft law **”On the Defense Against Tax Havens” (Steueroasen-Abwehrgesetz). The new law will enable the German government to take further measures against tax evasion and unfair tax competition from tax havens. This legislative document includes protections for individuals and companies from …

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