Schumacher to lose his tax haven?

(GMM)  The roof on F1 champion and millionaire Michael Schumacher's tax paradise might soon cave in.

A petition before Switzerland's parliament - named 'The Schumi Initiative' - aims to close a
loophole allowing wealthy foreigners to negotiate low rates of tax.

Schumacher, 36, moved near Lake Geneva in 1996 to dodge Germany's 42 per cent income tax.  He now
pays about four per cent ($2m) of his $50m income to the Swiss government.

''We expect a decision in the autumn,'' said the 'Schumi' petition's author, Suzanne Oberholzer, a
social democrat.

''(The current situation) is unfair to the Swiss people and to the people of neighbouring lands.  He
should pay his fair share like everyone else.''

High profile millionaires and Swiss residents like Sir Jackie Stewart, Boris Becker, David Bowie,
Celine Dion and Roger Moore also would be affected.

Written: Mon, 06 Jun 2005 09:23:03

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