Swiss, Germans sign new tax evasion agreement

Published April 5, 2012 10:36AM (EDT)

BERLIN (AP) — Germany says Switzerland has accepted tougher terms in a new bilateral tax evasion treaty that is expected to bring Berlin's state coffers some €10 billion ($13 billion) next year.

Germany's Finance Ministry said Wednesday the revised treaty was signed Thursday by officials from both countries in Switzerland.

The deal allows Germans with undeclared assets in Switzerland to escape punishment by making a one-time payment of 21 to 41 percent — higher than the 19 to 34 percent range initially planned.

It also grants German authorities wider possibilities to seek information on German nationals' accounts in Switzerland based only on suspicions.

The initial agreement had to be renegotiated after Parliament's upper house, representing Germany's 16 states, asked for tougher conditions on tax evaders.

By Salon Staff

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