Reuters: Regulatory News: Swiss still committed to tax deal with Germany

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Swiss still committed to tax deal with Germany Nov 23rd 2012, 10:01 ZURICH | Fri Nov 23, 2012 5:01am EST ZURICH Nov 23 (Reuters) - Switzerland's finance ministry said on Friday it remained ready to reach a tax deal with Germany, after Germany's upper house rejected a proposal to tax assets stashed by German citizens in Swiss bank accounts. "Switzerland remains prepared to bring the ratification process with Germany to a successful conclusion," Swiss president and head of the finance ministry Eveline Widmer-Schlumpf was quoted as saying in a statement. The ministry said there were no obstacles to ratification on the Swiss side and confirmed that already concluded tax agreements with the UK and Austria would come into force on Jan 1, 2013, and negotiations with other countries were ongoing. The proposed withholding tax to be levied on untaxed money in Swiss accounts was criticised by Germany's left-wing opposition, which said it let tax dodgers off too lightly.

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