Switzerland will not hold a referendum on the tax treaties signed with Germany, the UK, and Austria, for the opponents of the treaties failed to obtain the required number of signatures to force a vote.

After the adoption of the bilateral tax agreements with Germany, the UK and Austria aimed to resolve the issue of undisclosed Swiss bank accounts by Switzerland, the Conservative party and Social Democrats began gathering signatures in an attempt to hold a referendum on November 25. The mentioned parties argue that Switzerland has granted too many concessions and refused from its traditional system of banking secrecy, besides the agreements contain too many loopholes for tax evaders.

Austria and the UK have already ratified the agreements that will enter into force on January 1, 2013. As for the bilateral tax agreement signed with Germany, it has been not ratified yet. German opposition parties have threatened to veto the text in the upper house of parliament. However, Switzerland has firmly refused from further negotiations and amendments to the agreement.

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