Germany rejects Swiss tax deal, TJN slams UK
Germany's upper house of parliament on Friday rejected a deal with Switzerland to tax assets stashed by German citizens in Swiss bank accounts.TJN writer Nicholas Shaxson, author of Treasure Islands, has a big article in The Guardian today anticipating this move and explaining how the spotlight now falls on Britain. it begins
. . .
The tax deal could still be salvaged in a mediation procedure that seeks to resolve differences between the Bundestag, the lower house of parliament, and the Bundesrat, but the chances of that happening are slim.
The world is seeing the first stirrings of an emerging new architecture of global transparency in taxation which could, if pushed forwards, help governments for the first time raise serious revenues from the estimated $21-32 trillion sitting offshore. Switzerland, in alliance with the tax havens of Luxembourg, Austria and Britain, is leading the charge to derail it.Swiss politicians are putting a brave face on this, and still holding out hope for a route through to a deal. Commentary on Shaxson's article is here.
Cartoon hat tip: here