Statement by the Swiss Bankers Association (SBA) regarding the decision by the upper house of the German parliament against the tax agreement with Switzerland

  • Following approval by the German government and the lower house of the German parliament, the upper house has now voted against the bilateral tax agreement with Switzerland. The SBA takes note of this decision with regret. The German upper house has missed a major opportunity to reach a fair, optimum and sustainable solution for all parties to definitively settle the bilateral tax issues.
  • We consider it positive, however, that the German upper house has rejected the tax agreement for reasons of purely domestic policy and not for objective reasons.
  • We therefore continue to hope that the Mediation Committee will be called on and that a political solution will be found before the end of this year.
  • Irrespective of this decision, the Swiss financial centre will continue to drive forward its repositioning strategy with conviction, and will in future only acquire and manage taxcompliant assets. The core of this strategy and the best solution is still the final withholding tax, which was initiated by Switzerland. This regulates the past and shapes the future in accordance with tax requirements, while protecting financial privacy.
  • It should be remembered that the agreements with the UK and Austria have been ratified and constructive negotiations are under way with Italy and Greece. Other European countries have also shown their interest in the final withholding tax.