The Herald Tribune Reports - The European Commission said it will accelerate proposals on new tax laws to clamp down on tax evasion.

The report comes on the heels of the tax scandal centered on a Liechtenstein bank that hit Germany last month.  In light of this, it’s not suprising that Germany is leading the push for tax law changes. 

The commission said it would produce a report in May and complete a formal review in June.

“German Finance Minister, Peer Steinbruck called the scandal, that included the arrest of Deutsche Post head Klaus Zumwinkel on charges that he diverted large sums of money to a bank in Lichtenstein, ‘a spectacular tax fraud.’”“More than 70 Germans have confessed to tax evasion.”Luxembourg, Belgium and Austria maintain they will push to maintain the right not to disclose sums deposited by foreign investors, the report said.

The current Eurozone tax agreement established in 2005, took 14 years of difficult negotiation. It covers the Eurozone, plus Switzerland, Liechtenstein, San Marino, Monaco and Andorra and 10 former British and Dutch colonies.