Hessen begins evaluating the so-called Pandora Papers, which may provide clues about tax offenses. Anyone wishing to file a voluntary disclosure for tax evasion should act now.
The Pandora Papers made headlines in 2021 and are a massive tax data leak related to tax havens and particularly offshore holdings. The more than 3.8 terabytes of data could provide numerous clues about tax evasion, tax fraud, and other crimes. The state of Hessen has now purchased the data and is undertaking their evaluation centrally for Germany and also for foreign authorities, as Hessen’s Finance Minister Boddenberg announced at the end of June.
It is not expected that all businesses revealed by the Pandora Papers are criminal. However, if taxable income was concealed from the German tax authorities, tax evasion may be present. Those affected still have the opportunity to file a penalty-free voluntary disclosure for tax evasion, explains the law firm MTR Legal Rechtsanwälte.
The Pandora Papers were leaked to the International Consortium of Investigative Journalists (ICIJ) in 2021. After acquiring the data, Hessen is now beginning its evaluation.
The state has experience in evaluating such large data volumes and has already taken the lead in evaluating the Panama Papers for the tax authorities in Germany. Now, a lot of work awaits the experts again, as the Pandora Papers contain at least 10.4 million documents.
Therefore, it will take some time until the evaluation is completed. However, this does not mean that tax evaders have a lot of time to delay their voluntary disclosure, as it can only have a penalty-free effect if it is filed in time. If the authorities have discovered the tax evasion, it is too late. However, the voluntary disclosure can still have a mitigating effect.
The voluntary disclosure must not only be filed in time before the discovery of the offense, but it must also be complete to have a penalty-free effect. It must be detailed enough for the competent tax authorities to comprehend the facts without further investigation and, if necessary, reclaim evaded taxes. A penalty for the discovered tax evasion is then no longer threatened.
MTR Legal Rechtsanwälte provide reliable and discreet support in preparing a legally valid voluntary disclosure for tax evasion.
Get in contact now!➤ Attorney Voluntary Disclosure – learn more now!
