Switzerland Insists on Current Version of Tax Deal with Germany

Switzerland rejected to enter into any further negotiations with Germany in order to save the current version of tax agreement between two countries, which may be blocked by opposition parties of German parliament.

The questioned tax agreement between Switzerland and Germany designed to resolve the issue of German taxpayers undeclared assets in Swiss bank accounts. Both parties signed the agreement but it still requires the approval of the upper house of German parliament. The Social Democrats and the Green Party threaten to veto the agreement. Although the agreement represents a good compromise for both countries, there is a chance for it to remain intact for the mentioned German political parties are concerned that due to the agreement German taxpayers keeping their undeclared assets in Swiss banks get tax advantage over those taxpayers who always declared their assets and paid taxes on them.

Despite the apparent impasse of the German parliament, German Finance Minister Wolfgang Schäuble expressed his hope that the agreement will be ratified in the end.