| Author (Person) | Simonian, Haig, Wiesmann, Gerrit |
|---|---|
| Series Title | Financial Times |
| Series Details | 15.9.11 |
| Publication Date | 15/09/2011 |
| Content Type | News |
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In August 2011 Switzerland and Germany reached a landmark tax agreement designed to clamp down on tax evasion by German residents with secret Swiss bank accounts. In September 2011 Switzerland reacted coolly to German calls to renegotiate the landmark tax treaty by noting that the deal involved sacrifices for both nations. Bern’s intervention came as a number of German state governments signalled they were considering voting against the deal when it came to the upper house of parliament for ratification this autumn. The Social Democrat-led states, which hold a Bundesrat majority, have rounded on the national government, led by Christian Democrats, for allowing Swiss banks to keep secret clients’ names. Separately, Swissinfo.ch reported in September 2011 that the bilateral tax agreements concluded by Switzerland in August 2011 with Germany and Britain have become a bone of contention in the European Union. Are these agreements compatible with the European directive on the taxation of savings, now being renegotiated, and the accord Switzerland concluded with the EU covering this area in 2004? In July 2012 FTD and other news sources reported that German tax authorities reportedly purchased a new CD containing client details of some one thousand German tax evaders with accounts at the Zurich branch of Coutts private bank. |
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| Subject Categories | Taxation |
| Countries / Regions | Germany, Switzerland |
