European Court of Justice: Banks Cannot Rely on Secrecy Laws to Deny Taxes

General view of the buildings of the Court of Justice of the European Communities

General view of the buildings of the Court of Justice of the European Communities

The European Court of Justice (ECJ) has stated that banking secrecy established in Austria cannot be relied upon by German bank branches in Austria to defeat tax authorities. Branches of German credit institutions in Austria must, therefore, provide information on accounts and assets to German tax authorities if a German customer is deceased to allow Germany to collect inheritance taxes. The highest German tax court, the Bundesfinanzhof in Munich, had gone to the ECJ after the Sparkasse Allgäu refused to reveal to the tax office all account balances of their deceased clients. The hunt for money is endless. Whatever may have been the rule of law is peeled away when they are desperate for money.

Meanwhile, the United States also wants to place an inheritance tax on Canadians who simply own property in the United States. This entire turn of events of going after inheritance taxes of non-citizens and the ECJ ruling that the laws of one country cannot block inheritance taxes in another continues to reveal the desperate increase in taxation.

Latest Posts

When Religion Attacks Itself

Religion has always influenced economics and geopolitical events. For nearly two hundred years, the emperors of the Eastern Roman Empire, known as Byzantium, had followed the traditions of just placing [...]
Read more

Who was Francis Scott Key?

With the bridge debacle, the name Francis Scott Key has been a topic of controversy. Francis Scott Key was an American poet, author, and lawyer from Frederick, Maryland. He witnessed [...]
Read more

Good Friday & It’s History

One of my more interesting trips was to Jerusalem for Easter one year. You walk the streets of this ancient city, and they have marked the Stations of the Cross [...]
Read more

Market Talk – March 28, 2024

ASIA:   The major Asian stock markets had a mixed day today: NIKKEI 225 decreased 594.66 points or -1.46% to 40,168.07 Shanghai increased 17.52 points or 0.59% to 3,010.66 Hang [...]
Read more