UBS Can Frustrate Swiss-German Tax Deal Ratification

UBS Can Frustrate Swiss-German Tax Deal Ratification

Last week Financial Times Deutschland reported that German authorities purchased a CD containing data on UBS bank clients.

UBS denies knowledge of the information leakage, however, Financial Times Deutschland also reported that the bank had transferred German clients’ assets to Singapore accounts in order to protect them from German tax authorities’ claim.

Due to those reports German politicians opposing a tax deal providing taxation of German taxpayers’ assets kept in Swiss bank accounts have new arguments. Particularly, the Finance Minister of German state North Rhine-Westphalia calls for prosecution of Swiss bank clients evading German taxes.

The German-Swiss tax deal that has not been ratified yet by Berlin provides anonymous lump-sum taxation for German taxpayers’ funds in Swiss bank accounts, without charging any penalties. Some German politicians state this provision is unfair as such evading taxpayers gain an advantage over other taxpayers who declared their assets from the very beginning.

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