Switzerland and Germany's finance ministers on Wednesday agreed to open talks next year to resolve a bitter row over tax evasion and Swiss banking secrecy.Germany has been one of the fiercest European critics of its Alpine neighbour's banking secrecy rules in recent years, complaining that it encouraged German taxpayers to hide money in Swiss bank accounts.
Berlin (AFP) - The finance ministers of around 50 countries meet in Berlin on Wednesday to sign a deal they hope will put an end to banking secrecy and aid the worldwide fight against tax fraud and evasion.
ZURICH (Reuters) - The Swiss government agreed on Wednesday to create a legal basis that will allow its banks to settle investigations by U.S. authorities into their role in helping wealthy Americans evade billions of dollars in tax.
Switzerland — long famous for storing money and not asking any questions — has been beefing up scrutiny on banks enjoying shelter in the Alpine paradise's lax regulatory structure, Businessweek reports. And foreign private banks in Switzerland are now heading for the exits.
Germany announced Monday that it may buy the names of suspected tax-dodgers from a Swiss whistle-blower, leaving the two countries on a collision course over Switzerland’s prized banking secrecy regulations.
The Swiss and German governments are to sign an agreement early next month putting an end to a long-running dispute over tax evasion by Germans who keep secret Swiss bank accounts, a report said on Sunday.According to the Sonntagszeitung newspaper, the two sides will ink an agreement on August 10 which will allow for income from dividends and interest on funds deposited in Swiss accounts to be taxed, the newspaper said.Although the exact tax rate has still to be finalised it is likely to amount to around 25-26 percent, the report added.