Funds held in secret Swiss bank accounts will be subject to taxation as per an agreement signed by Switzerland and Germany.
Swiss Finance Minister Eveline Widmer-Schlumpf and her German counterpart Wolfgang Schaeuble will present the agreement, which could provide the basis for similar deals with other European countries, at a press conference in Berlin, it said.
The deal, the framework of which was reached in August, is expected to require Swiss banks to pay the German fiscal authorities a withholding tax of between 19% and 34% on the funds they hold, in exchange for an amnesty for the account holders.
The terms of the agreement are still to be published and approved by both countries’ parliaments.
Zurich, September 19, 2011 (Dow Jones)