Report: Credit Suisse Documents Reveal German Tax Evasion Worse Than Originally Thought

February 4, 2010 /EIN PRESSWIRE/ According to the German newspaper Suddeutsche Zeitung, the German government may discover that their citizens and companies are hiding a lot more money in Swiss bank accounts than originally thought.

Up to 200 million EUR could be recouped in taxes, double the original estimate, by investigating the accounts contained on a data disc the German government bought from an informant. According to Suddeutsche Zeitung, internal Credit Suisse documents reveal the extent of tax evasion may go further than originally thought, with a majority of the bank’s German customers having something to hide.

German Finance Minister Wolfgang Schaeuble is pleading with tax evaders to turn themselves in before the government takes action. A host of countries, including the Netherlands and Austria, are lining up behind Germany to get their hands on the stolen bank data.

Read more at Banking Industry Today:

Latest Swiss Bank Secrecy news – http://banking.einnews.com/news/swiss-bank-secrecy
Latest Switzerland Banking news – http://banking.einnews.com/switzerland/
Latest Germany Banking news – http://banking.einnews.com/germany/
Latest Credit Suisse news – http://banking.einnews.com/news/credit-suisse-banking

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