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Green light for tax deals with UK and Germany

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16:15 CEST+02:00

Switzerland's lower house voted on Wednesday in favour of approving tax treaties with the United Kingdom, Germany and Austria.

The National Council signed off on the deals despite resistance from the Swiss People’s Party and several members of the Social Democratic Party, newspaper Tages Anzeiger reported.

The acceptance of the withholding tax provisions means that the relevant states can receive their due income without Switzerland needing to give up its treasured banking secrecy.

The banks will subtract the relevant amounts directly from clients’ accounts, and Switzerland will then pay the foreign authorities.

Despite scepticism from several quarters, many parliamentarians were eventually swayed by the need to reach some kind of resolution concerning the issue of so-called “black money” in Switzerland.

It is unclear whether a referendum will be held on the treaties.

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