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esrb-warnung ESRB Warning on vulnerabilities in the Union financial system (22 September 2022)
The ESRB issued a warning about risks to EU financial stability (ESRB/2022/7). It calls for resilience in the financial system to be preserved or enhanced in order to support the economy if these risks materialise.
Financial markets FATF Ministers commit to take decisive action against money laundering
Under German chairmanship the Ministers of the Financial Action Task Force (FATF) members committed to take swift and decisive action to improve the effectiveness of measures to fight money laundering, terrorist and proliferation financing at their meeting in Washington D.C. today. This includes promptly implementing the FATF’s global beneficial ownership rules, which were strengthened earlier …
taxation Tobacco Duty Modernisation Act adopted
The German cabinet adopted the draft Tobacco Duty Modernisation Act on 24 March 2021. With this legislation, the German government is adjusting tobacco duty rates and responding to changes in the tobacco market and in consumer behaviour. The new law also serves to improve public health and protect minors.
Financial markets TIBER-DE enhances the security of the German financial system
The Federal Ministry of Finance and the German Bundesbank have decided to implement TIBER-DE, a new programme that will strengthen the resilience of the entire financial system to cyber attacks.
Climate action The German government wants to establish an international climate club
In the federal cabinet today, Germany’s Finance Minister Olaf Scholz presented a joint key-issues paper for an international climate club. The goal is to give the implementation of the Paris Agreement additional impetus at the international level. At the heart of this initiative is the cooperation between countries that want to press ahead with the social and economic transformation needed to …
Climate action European Sustainable Finance Summit
As the European Sustainable Finance Summit gets underway, German Finance Minister Olaf Scholz and Environment Minister Svenja Schulze are calling on European companies to invest more in sustainable economic activities. The first survey, published today, on applying the EU taxonomy shows that just 2% of companies’ activities by revenue meet the taxonomy’s level of ambition for climate action and …
Internationales Steuerrecht [EN] Questions concerning the application of the Platform Tax Transparency Act
The Platform Tax Transparency Act of 20 December 2022 (Federal Tax Gazette I, p. 2730) introduced a reporting obligation for operators of digital platforms and the cross-border automatic exchange of information between tax authorities of EU Member States. This circular assists in the proper implementation of the Platform Tax Transparency Act and addresses issues of practical relevance.
Public finances The cabinet makes social cohesion and modernisation priorities
On 20 March 2019, the federal cabinet adopted the benchmark figures for the 2020 federal budget and the financial plan to 2023. The government is planning record-level investments, the biggest tax cuts in over 10 years as well as comprehensive measures to boost social cohesion, ensuring that everyone in the country benefits from Germany’s economic success.
taxation Tax data from Dubai now going to the Länder
At the Federal Ministry of Finance’s behest, the Federal Central Tax Office (Bundeszentralamt für Steuern) has purchased data for the purpose of detecting international tax crimes. This is the first time that the Federal Central Tax Office has independently purchased data that will have a material impact on the taxation process.
Coronavirus Customised support for new businesses affected by the coronavirus crisis
Support for start-ups will be further strengthened as part of government measures to combat the coronavirus pandemic.