Tax pact won't stop buying of Swiss data
Source: Agencies |
August 13, 2012, Monday
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Print Edition
Print Edition
AUTHORITIES in North Rhine-Westphalia in Germany would buy more leaked Swiss bank data on wealthy Germans seeking to dodge taxes even if a tax pact with Switzerland banning such purchases comes into effect, the German state's finance minister said in a newspaper interview.
Under the pact, German account holders would remain anonymous but Switzerland would impose a retroactive withholding tax on capital in offshore bank accounts and would tax future interest income from those accounts.
"We have indications that money may be flowing into structures which aren't subject to the withholding tax. Swiss banks are very efficient," Norbert Walter-Borjans, finance minister of Social Democrat-run North Rhine-Westphalia, said in an interview published by Swiss weekly Sonntagszeitung on yesterday.
UBS, which according to media reports is one of the banks hit by leaked data bought by NRW, denied on Friday it had advised clients to move money in order to avoid detection by tax authorities.
"In an emergency, we will purchase more data," Walter-Borjans said, when asked whether NRW would buy data if a withholding tax deal, which he has vowed to fight, were to pass.
Walter-Borjans said he was convinced the pact would fail when put to German states.
Under the pact, German account holders would remain anonymous but Switzerland would impose a retroactive withholding tax on capital in offshore bank accounts and would tax future interest income from those accounts.
"We have indications that money may be flowing into structures which aren't subject to the withholding tax. Swiss banks are very efficient," Norbert Walter-Borjans, finance minister of Social Democrat-run North Rhine-Westphalia, said in an interview published by Swiss weekly Sonntagszeitung on yesterday.
UBS, which according to media reports is one of the banks hit by leaked data bought by NRW, denied on Friday it had advised clients to move money in order to avoid detection by tax authorities.
"In an emergency, we will purchase more data," Walter-Borjans said, when asked whether NRW would buy data if a withholding tax deal, which he has vowed to fight, were to pass.
Walter-Borjans said he was convinced the pact would fail when put to German states.
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