The last official act Bundesrat Hans-Rudolf Merz in Bern has signed with his German counterpart, an agreement for better cooperation in tax matters. Key points are a flat tax that is levied on income of German assets in Switzerland and delivered anonymously to Germany, and a capital tax, which will also be anonymous and also on the yet-scale German assets in Switzerland and delivered. It was also enhanced cooperation in mutual assistance matters agreed with tax evasion. A virtually identical agreement was initially signed Merz week already with Great Britain. This could, so says the Federal Council, which will be turned away from Brussels called for automatic exchange of information. there is still joy in the two agreements. It is a good day, are all agreed, the Bundesrat, the finance ministers from Germany and England, the Swiss Bankers Association, the big banks, the financial center of Switzerland generally. But as with any celebration of the cat reliably follows the next day. Namely, when suddenly clear after the initial euphoria, what the agreement in detail wirlich. On the one hand are the most important details, namely the amount of compensation and capital tax, not yet determined, but are subject to further Verhandlungsn that will begin in 2011. On the other hand, mean collection and delivery of the new taxes for the banks enormous effort that must be generated on another page again.
Automatic anonymous delivery of the capital tax - Experts estimate between 6 and 10 percent - the first time the actual level of black confirm in Switzerland bearing deposits. This is neither in the interest of the individual banks, even the entire financial sector. Together with the expected outflow of funds, the already expensive higher price for Switzerland's financial center, without a real consideration to obtain. For capital outflows are inevitable. Customers in England and Germany are aware that they need to emphasize one part up to 10 percent of their assets and 25-35 percent of their income to the leg, and still not have complete control anonymity. They know that up to 60 billion Swiss francs, which are estimated to be paid to capital taxes in Germany and England, will surely bring Brussels and other EU countries on the taste.
For both Germany and England are EU members, and thus in principle proponent of automatic information exchange. With the bilateral agreements they undermine the interests of Brussels, and it's only a matter of time before Brussels tries to bring to the rest, once Switzerland has agreed to remit withholding taxes. It may not be in the interest of the EU Member States that conclude individual bilateral agreements with non-Member State. The pressure of the EU is therefore not a table, on the contrary, he will increase exponentially.
After one year after the black-yellow coalition in Germany turns destructive is unclear whether the coalition faces a further three years. Germany has been proven in the past as an insecure and schlechtnachbarlicher partner. Should there be changes in the government, and the chances to look good, it is likely that a new coalition will increase the pressure again and delivered by the now concluded agreements are no longer satisfied to be.
Consent to withholding taxes in Switzerland is therefore no reason to celebrate. The agreements do not prevent the automatic exchange of information, but are the first step. Are you cuckoo eggs, the outgoing Minister of Finance of Switzerland has laid in the nest. Hans-Rudolf Merz may be the dubious religious attach to the breast to be the one the Federal Council, who sold the Swiss banking secrecy final.
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