Cologne, NRW -- (SBWIRE) -- 08/09/2013 -- GRP Rainer Attorneys and Tax Accountants in Cologne, Berlin, Bonn, Bremen, Düsseldorf, Essen, Frankfurt, Hamburg, Hanover, Munich, Nuremberg, Stuttgart and London www.grprainer.com/en explain: Many taxpayers have entrusted their money to several tax havens over the course of the past few years whose banking systems they thought they were familiar with. This would be the case, for example, for Luxembourg. Austria, Switzerland or Liechtenstein have been considered. Banks were supposed to have even supported tax evasion into these countries.

An ongoing shift should now preclude such activity. Banks should want to safeguard themselves more frequently that they require reassurance from their clients through a confirmation that personal assets or capital gains have been disclosed in the respective country of residence. More and more taxpayers are presumably even deciding for a voluntary disclosure in order to avoid a penalty. The fear of many taxpayers may have resulted in particular that politicians have begun to buy tax information.

If a person having evaded taxes decides for voluntary discloser it is even possible to do so while being exempt from punishment. A voluntary disclosure is a complex process; therefore, it is strongly recommended to seek advice and consultation prior to taking rash or hasty action. Whoever makes this mistake can still be prosecuted and have to deal with severe payments for taxes in arrears. In any case, an attorney should be consulted.

An attorney experienced in tax law can provide information extensively as to whether or not a disclosure is necessary appropriate in individual cases. In such cases, quick action is essential. If the offense has already been discovered, a voluntary disclosure is often ineffective. To start, an experienced attorney can conduct a review as to whether a voluntary disclosure is still a possibility in an individual case. Oftentimes, a voluntary disclosure is possible in some subareas. For example, voluntary disclosure can be effective for certain, individual years or for single taxable events. An ineffective voluntary disclosure also has its advantages because it can serve to mitigate criminal tax proceedings.

An attorney helps capture an accurate view of the situation, and, in particular this attorney can advise to what extent there is an obligation to inform the authorities. If a voluntary disclosure does not include all monies for which tax liability was evaded, then this can compromise its effectiveness.

About GRP Rainer LLP
GRP Rainer LLP http://www.grprainer.com/en/ is an international firm of lawyers and tax advisors who are specialists in commercial law. The firm counsels commercial and industrial companies and corporations, as well as associations, small- and mid-sized businesses, self-employed freelancers and private individuals worldwide from offices Cologne, Berlin, Bonn, Dusseldorf, Essen, Frankfurt, Hamburg, Hannover, Munich, Stuttgart, Bremen, Nuremberg and London UK.

Contact Michael Rainer
Lawyer, Managing Partner
GRP Rainer LLP
Hohenzollernring 21-23
50672 Cologne
Germany
Phone: +49 221-27 22 75-0
info@grprainer.com
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