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September 10, 2012

Reuters: German opposition vows to scupper Swiss tax deal

By Spear's

(Reuters) – Germany’s opposition Social Democrats (SPD) would scupper a deal to levy taxes on German assets in Swiss bank account even if Switzerland made concessions to allow back-dated inquiries, a senior member of the party said on Saturday

(Reuters) – Germany’s opposition Social Democrats (SPD) would scupper a deal to levy taxes on German assets in Swiss bank account even if Switzerland made concessions to allow back-dated inquiries, a senior member of the party said on Saturday.

Joachim Poss said that even if Switzerland were to backdate its cooperation in hunting tax evaders, it still wouldn’t be enough to sway the SPD into backing the pact.

“Our objections to the pact go beyond people sneaking away money” as the pact begins to come into force, he said. “So nothing has changed in the opinion of the SPD.”

Switzerland and Germany struck a deal in April to clamp down on tax evasion, but the SPD have said they will block it in the upper house of parliament, saying it is too lax. Its opposition to the deal has strained bilateral relations.

One of the SPD’s criticisms has been that, as it stands, the agreement would allow people to evade taxes by taking their money out of Switzerland before the deal takes effect.

Read the full story at reuters.com

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