FX.co ★ FRG and Switzerland agreed on tax dodgers

After the long debates between Germany and Switzerland on August 10 they signed a bilateral tax agreement. FOCUS reports that this agreement obliges Swiss banks to impose taxes upon the money of German tax evaders and to make it legal in this way.
As Agence France-Presse notes, the agreement applies to all deposits made by Germans to Swiss banks since 2000. Depending on the deposit amount and the date of account opening funds of German tax dodgers will be liable for taxes at the rate from 19 to 34%.
Meanwhile, as soon as the agreement comes into force Swiss banks undertake to transfer 2 billion euro to Germany as an advance payment for maintaining accounts of German tax dodgers. Later these banks will collect this amount by applying tax rates to German illegal deposits.
The Swiss-German agreement also stipulates that starting from 2013 Swiss banks will levy tax at the rate of 26.4% on all deposits made by Germany citizens. The collected amounts will be transferred to the fiscal bodies of the country. Moreover, the German authorities reserved the right to require the account statements in case of any doubts.
The tax agreement should also be approved by the parliaments of Switzerland and Germany. It is expected to come into effect in 2013. The tax scandal between Germany and Switzerland flared up in the beginning of 2010 after some anonymous persons disclosed the Swiss banks inside information about the accounts of German dodgers to FRG fiscal bodies.
It increased the tension in relations between Germany and Switzerland the representatives of which announced that German authorities took illegal actions buying stolen materials. Nevertheless, in March 2010 the parties initiated the bilateral tax agreement. The certain volume of funds deposited by German dodgers to Swiss banks is unknown. According to the initial estimates it amounts to 130-180 billion euro.