SBA's position on latest Swiss-German tax developments

  • The SBA welcomes the initialling of the revised Double Taxation Agreement between Switzerland and Germany. It corresponds to the OECD standard on information exchange in tax matters and is in line with the key points set by the Federal Council with regard to international administrative assistance (i.e. assistance given only in response to specific and substantiated requests, no fishing expeditions” and no automatic information exchange.)
  • The SBA also welcomes the appointment of a joint working group to clarify unresolved financial and tax issues.
  • The working group’s mandate includes examining the feasibility of a final withholding tax on investment income and capital gains as well as a possible solution for the regularisation of any client assets which to date have not been taxed (so-called legacy assets).
  • The SBA demands that proposals designed to improve Swiss banks’ market access in Germany be elaborated as soon as possible.
  • We believe Switzerland’s policy of not providing administrative assistance on the basis of purchased bank data to be correct.
  • We are convinced that today’s agreement will help place Swiss-German relations back onto an objective and constructive footing that is worthy of friendly neighbouring states.