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Swiss Parliament to Vote on U.K., German Tax Accords This Week

Switzerland’s upper house of Parliament has resolved differences with the lower house on tax agreements with Germany and the U.K., paving the way for final approval of the deals this week.

Both chambers will vote on June 15, Marie-Jose Portmann, a spokesman for the Swiss Parliament in Bern, said in a phone interview today. The upper house agreed to an amendment, submitted by a member of the lower house, allowing Switzerland to conclude tax agreements with all countries, according to a statement published today on Parliament’s website.

Switzerland signed accords with Germany and the U.K. earlier last year in a bid to end a dispute over tax evasion by wealthy Germans and Britons holding cross-border accounts with Swiss private banks. The agreements involve a one-time payment on previously undeclared funds and a withholding tax on future capital gains and investment income. The identities of British and German clients with offshore accounts will remain secret.

German’s opposition Social Democratic Party said that it will reject the tax treaty with Switzerland because the accord still contains too many loopholes for alleged tax evaders.

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