BERLIN, March 24 (Reuters) – Germany and Switzerland are set to strike a deal on Friday that will clarify tax disclosure rules for Switzerland’s multi-trillion-dollar wealth management industry, a German newspaper reported.
BERLIN, March 24 (Reuters) – Germany and Switzerland are set to strike a deal on Friday that will clarify tax disclosure rules for Switzerland’s multi-trillion-dollar wealth management industry, a German newspaper reported.
Switzerland has watered down its treasured bank secrecy law recently, caving into pressure from the United States and European governments which are cracking down on tax evasion.
Germany, along with Italy, the United States and France, has been one of the most fervent critics of Switzerland’s banking secrecy and has paid for stolen data from Swiss banks to catch tax cheats.
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Germany’s willingness to buy stolen bank data increased pressure on Switzerland’s large private banking industry and stirred emotions in both countries. Germans hold an estimated 200 billion euros in undeclared funds in Switzerland.
Officials from the German and Swiss finance ministries held negotiations last week over the double taxation agreement, which would regulate the exchange of information between the two countries on tax evaders, the Handelsblatt business daily reported.
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