U.K., Germany Need to Change Swiss Tax Deals, Semeta Says

The U.K. and Germany must modify their tax arrangements with Switzerland so they don’t interfere with broader savings-income tax accords, said European Union Tax Commissioner Algirdas Semeta.

“I am confident that a satisfactory outcome will be found,” Semeta said today in a letter to Danish Economy Minister Margrethe Vestager, whose country holds the EU’s six-month rotating presidency. The European Commission, the EU’s regulatory arm, has been involved in “very constructive” talks with Germany and the U.K. to resolve the issue, he said.