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Robin D.
Robin D., Senior Tax Advisor 4
Category: German Law
Satisfied Customers: 13316
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a question relating to German bankaccountswhen

Customer Question

hello
I have a question relating to German bankaccounts
when we transfer internally from a german account to another german account 100.000.000 and than sent it oversea what is the tax rate or how long can it be in the account until I have to pay tax ,
Submitted: 8 months ago.
Category: German Law
Expert:  Robin D. replied 8 months ago.
HelloPersonal income tax is imposed on the income of individuals, who are resident in Germany or have their normal place of abode there, have full income tax liability.The personal income tax from income from employed work and from capital income paid the employers or the banks, when the earnings are paid out (the tax is immediately transferred to the tax authorities every month). If the $100,000 is a payment for services and the individual is a tax resident of Germany the tax is on the money when earned.The transfer of money is not a taxable event.Capital can be moved in and out of Germany without any restrictions. However, amounts over EUR 12,500, or equivalent payments with valuables, must be reported to the German Central Bank (Bundesbank). These reports are for statistical purposes only. Forms can be obtained from the Bundesbank.In 2015 the Germany tax rates for an individual are 14% - 45%.

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