Statement from the Swiss Bankers Association regarding the Signing of the Protocol of Amendment to the Tax Agreement with Germany

  • The SBA takes note of the signing of the protocol and welcomes the fact that the strategy for tax conformity which was defined over two years ago, has now been concretised with a second important European country following the United Kingdom.
  • A first assessment of the additional protocol shows that Switzerland has made significant concessions with regards to meeting Germany’s demands.
  • The SBA nevertheless agrees with the protocol of amendment, as the core elements of the 2015 Financial Centre Strategy – anonymity, final effect of tax payments, tax rates for the future and bilateral market access – remain intact.
  • The agreement in its entirety is balanced for clients, as it gives them a fair chance to regularise their tax situation while at the same time protecting their financial privacy. Positive for the financial centre is that the agreement can have a signalling effect.
  • The SBA wishes to clearly state to the German Opposition that the Swiss banks would not back any further amendments.
  • The timely implementation presents significant challenges for the banks. The ratification process must therefore be initiated quickly on both sides.