German government puts more pressure on Switzerland over German tax evaders

German government puts more pressure on Switzerland over German tax evadersThe German upper house of parliament has declined a deal on German tax evaders holding assets in Swiss banks. German parliamentarians are considering that the current terms and conditions of the deal are not strict enough to penalise the German tax evaders whose estimated hidden assets are about €200bn. Under the current deal hidden assets in Swiss banks will be taxed only once at a rate of between 21% and 41%. The Parliamentarians consider that the current deal is unfair to existing taxpayers. The deal has been negotiated in April last year and is expected to come in force in January this year. The Swiss authority and Banker Association hope that the deal would be ratified by the Germans to end up disagreement and differences between two countries.

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