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Swiss, Germans agree on answers to tax issue
Source: Agencies |
September 20, 2011, Tuesday
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Print Edition
Print Edition
Credit Suisse said yesterday it has agreed to pay 150 million euros (US$206 million) in Germany to end an investigation into employees of the Swiss bank by the public prosecutor's office in Duesseldorf concerning tax evasion.
"A complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty," the Swiss bank said in a statement.
Later this week the German and Swiss governments are looking to sign a deal on taxing money stashed by German citizens in secret Swiss accounts, a German government source told Reuters.
The terms of the deal were struck in August when Switzerland and Germany agreed to tax money held by German citizens in secret accounts, estimated at up to 150 billion Swiss francs (US$171 billion).
The pact could set a model for agreements between Switzerland and other countries.
Credit Suisse has come under increasing scrutiny from prosecutors in Germany this year.
"A complex and prolonged legal dispute has been avoided, with an agreed solution that provides legal certainty," the Swiss bank said in a statement.
Later this week the German and Swiss governments are looking to sign a deal on taxing money stashed by German citizens in secret Swiss accounts, a German government source told Reuters.
The terms of the deal were struck in August when Switzerland and Germany agreed to tax money held by German citizens in secret accounts, estimated at up to 150 billion Swiss francs (US$171 billion).
The pact could set a model for agreements between Switzerland and other countries.
Credit Suisse has come under increasing scrutiny from prosecutors in Germany this year.
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